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HEAT oil in large nonstick skillet on medium-high heat. Add green peppers, onions and crushed red pepper; mix well. Cook 2 min. or until vegetables are crisp-tender, stirring frequently.
ADD turkey sausage, tomatoes with their liquid and the water; stir. Bring to boil.
STIR in rice; cover. Reduce heat to low; simmer 5 min. Stir before serving.