In large saucepan or Dutch oven, heat oil over medium heat. Add sausage, peppers, onions, garlic and Creole seasoning; salt and pepper to taste. Sauté until onions are softened (about 3-5 minutes).
Add undrained beans, rice, hot sauce and 2 cups water; bring to a boil.
Reduce heat; simmer, covered, 20 minutes or until rice is tender, stirring occasionally.