Gravy: Melt butter and sift in flour, whisking constantly. Whisk for 3 to 5 minutes until mixture becomes golden brown. Whisk in broth and return to a boil. Reduce heat and simmer for 10 to 15 minutes. Season lightly with salt, pepper and ground red pepper.
Grits: Cook grits according to package directions, substituting 1 1/2 cups each chicken broth and milk in place of the water. As the grits firm up, add parmesan cheese and stir; remove from heat.
Sausage: Saute sausage in 1 tablespoon of oil or butter over high heat for about 1 minute or until sausage pices begin to brown. Should there be excessive residual grease, remove some.
Add red, green and yellow peppers along with the onion and garlic. Add the cajun seasoning and continue cooking over medium high heat, until vegetables become translucent. Add fresh chopped parsley. If residue starts building up, deglaze with a little bit of water. Add enough gravy to coat all of the mixture and simmer for another 3-5 minutes.