Melt butter in a large pot over medium heat. Saute green bell pepper, onions, and garlic until tender. Stir in vegetable juice, clam juice, and water. Season with thyme, basil, red pepper, bay leaf, and salt. Bring to a boil, and stir in rice. Reduce heat, and cover. Simmer 15 minutes, until rice is tender.
Stir in shrimp, and cook 5 minutes, or until shrimp are opaque. Remove the bay leaf, and season with hot sauce.
