Rinse and pick through peas (if you're rich enough). Place in a pot with chile peppers -- don't break them up or it may end up too hot for some. Add enough water to cover to about 1/2 inch. Bring to a boil.
Remove from heat and set aside in the pot. Saute onions in lots o' butter (I have used diet margarine at times) until transparent. Add to pea pot.
Chop bacon (if using salt pork, you may reduce quantity a bit). I have used up to a pound of good bacon or salt pork. Add rice, and two (2) more cups water.
You'll have to judge this for yourself, depending on the state of the peas: simmer over low heat, covered, for 45 minutes to 1 hour. Add water as needed to keep the "mess" from sticking and burning.
The result should not be soupy, but, if it is, just cook uncovered for a few minutes more.
Serve in bowls. Spice with Tabasco and soy sauce. For a truly tradition New Year's Day feast, serve with mixed greens. Enjoy!