In a very large skillet heat 1 tablespoon olive oil and the butter over medium-high. Add bread, garlic powder and crushed red pepper. Cook and stir 3 to 5 minutes until golden brown. Remove croutons from skillet with slotted spoon and cool in a single layer on paper towels.
Add cabbage to the skillet, overlapping wedges if needed. Season with salt and black pepper. Add water; bring to boiling. Reduce heat and simmer, covered, 15 minutes or until tender.
Place cabbage on platter; drizzle with remaining olive oil. Serve topped with croutons and parsley and with lemon wedges. Makes 6 to 8 servings.