How to Make It
Heat a medium enameled cast-iron casserole. Add the chorizo and cook over moderately high heat until it starts to crisp, about 3 minutes. Add the shrimp and cook, stirring occasionally, until white throughout, about 3 minutes. Using a slotted spoon, transfer the chorizo and shrimp to a plate. Drain off all but 2 tablespoons of the fat in the casserole.
Add the onion and garlic to the casserole and cook over moderate heat until tender, about 3 minutes. Add the water and rice and bring to a boil. Season with salt and pepper. Cover and cook over low heat until the rice is just tender, about 18 minutes. Remove from the heat and let stand, covered, until all of the water is absorbed, about 5 minutes. Gently fold in the chorizo, shrimp, olives and parsley and season with salt and pepper. Spoon the rice into shallow bowls and serve with lemon wedges and hot sauce.