In medium covered saucepan, bring water to a boil. Add rice, reduce heat and simmer until all of water is absorbed and rice is tender, about 20 minutes.
Meanwhile, in small bowl, stir together hoisin sauce, sherry, honey, red pepper flakes, and 1/2 cup water; set aside.
In large nonstick skillet, heat sesame oil over medium heat. Add scallions, garlic and ginger, and cook until softened, about 2 minutes. Stir in bell pepper and carrots, and saute until vegetables are crisp-tender, about 2 minutes.
Add snow peas, baby corn and water chestnuts, and cook, stirring frequently, until snow peas are crisp-tender, about 2 minutes.
Add hoisin mixture and tofu, bring to a boil and cook until tofu is hot, about 1 minute. Stir in cornstarch mixture, bring to a boil and boil until sauce is lightly thickened, about 1 minute. Serve stir-fry on top of jasmine rice.