PREHEAT oven to 350°. Heat oil in large ovenproof nonstick skillet over medium-high heat and cook peppers, onion and chili powder, stirring occasionally, until softened and browned, about 10 minutes. Season with salt if desired. Remove and set aside. <BR> <BR>
STIR water and Knorr® Fiesta Sides™ - Spanish Rice into same skillet and bring to a boil. Reduce heat and simmer covered until most of the liquid is absorbed and rice is tender, about 7 minutes.
STIR in pepper mixture, then pour eggs over top. Bake 15 minutes or until set. Sprinkle with cheese and garnish, if desired, with sour cream, Spanish olives and chopped parsley; now it's delicious. Dig in!