In 2-quart saucepan, heat water and beans to boiling. Boil uncovered 2 minutes; reduce heat. Cover and simmer about 45 minutes, stirring occasionally, until beans are tender; drain.
In 10-inch skillet, heat oil over medium heat. Cook remaining ingredients except rice in oil about 5 minutes, stirring occasionally, until bell pepper is crisp-tender. Stir in beans. Cook about 5 minutes or until hot. Serve with rice.