In a large, heavy pot, heat oil over medium heat. Add sausage, ham, onions, and bell pepper. Cook, stirring, for 5 minutes. Add black-eyed peas and beef broth. Reduce heat to medium-low and simmer, stirring occasionally, for 1 hour.
Add rice (4 to 5 C, depending on moistness desired) and stir gently to mix well. Season with salt and cayenne. Garnish with parsley and green onion, if desired. Serve hot.
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