Heat water and broth in 2-quart saucepan over medium heat until it comes to a simmer. Reduce heat to low and keep warm.
Meanwhile, heat 2 tablespoons olive oil in large saucepan over medium heat; add sausage and cook until browned. Drain on paper towels; set aside.
Heat remaining 2 tablespoons olive oil over medium heat; add shallot and garlic and cook until soft. Add rice and stir 2 to 3 minutes. Add wine; stir until absorbed.
Increase heat to medium-high; stir in 1 cup water-broth mixture. Cook uncovered, stirring frequently, until liquid is absorbed. Continue stirring and adding remaining water-broth mixture, 1 cup at a time, allowing each cup to be absorbed before adding another. Cook until rice is tender and mixture has a creamy consistency, approximately 25 to 30 minutes.
Stir in sausage, sun-dried tomatoes, cream, cheese and parsley. Stir until mixture is creamy, about 2 to 3 minutes. Serve immediately.
Nutritional Information Per Serving:
357 calories,
7 g protein,
21 g fat,
30 g carbohydrate,
1 g dietary fiber,
30 mg cholesterol,
633 mg sodium