Preheat oven to 400°F.
Squeeze sausage meat from casings into a 10-inch heavy ovenproof skillet and add bell peppers, onion, and oil. Cook mixture over moderately high heat, breaking up sausage with a fork and stirring occasionally, 5 minutes, or until vegetables begin to brown. Add rice and sauté, stirring, 1 minute. Stir in wine, tomatoes, and water and bring to a boil, stirring to loosen brown bits. Transfer skillet to oven and bake, uncovered, 25 minutes, or until most liquid is absorbed. Season with salt and pepper."