Soak 4 to 8 wooden skewers in water for 30 minutes. In a small bowl combine hoisin sauce, water, oil, soy sauce, garlic, and crushed red pepper; set aside.
On the soaked skewers alternately thread sweet pepper, broccoli and/or squash, and steak pieces. Brush with some of the hoisin sauce mixture.
For a charcoal grill, arrange medium-hot coals around a drip pan. Test for medium heat above pan. Place skewers on grill rack over drip pan. Cover and grill for 20 to 25 minutes or until meat is desired doneness, turning and brushing once with remaining hoisin sauce mixture halfway through grilling. (For a gas grill, preheat grill. Reduce heat to medium. Adjust for indirect cooking. Grill as above except omit drip pan.) Serve over hot cooked rice. Makes 4 servings.