In a medium skillet combine margarine or butter, parsley, garlic, and, if desired, red pepper. Heat over medium heat until margarine is melted. Stir in Parmesan cheese. Cut French bread in half lengthwise.
Place bread, cut side down, on an uncovered grill directly over medium coals. Grill about 2 minutes or until toasted. Turn cut side up. Brush with margarine mixture. Grill for 1 to 2 minutes more. To serve, cut into 2-inch slices. Makes 8 to 10 servings.