In a large saucepan or 4-quart Dutch oven cook sweet pepper and onion in hot oil until tender; stir in cornstarch. Add undrained tomatoes and tomato juice all at once. Cook and stir until bubbly; add okra. Bring mixture to boiling; reduce heat. Cover; simmer for 10 minutes.
Stir in shrimp, crab-flavored fish, uncooked rice, and water. Return mixture to boiling. Remove from heat. Cover and let stand about 5 minutes or until rice is tender, stirring occasionally.