In a large skilled, heat the canola oil over medium-high heat. Toss the shrimp with the Old Bay Seasoning and pepper. Quickly cook the shrimp in the oil until just turning pink. Remove shrimp and set aside. Now saute the peppers and sausage in the hot pan. Cook until the sausage browns, add the garlic. Stir in the water and return the shrimp to the pan. Cook until well combined and heated through. Serve over rice or grits.