Combine water, tomato juice, rice, basil, oregano and salt in 2- to 3- quart saucepan. Bring to a boil; stir once or twice. Reduce heat; cover and simmer 15 minutes or until rice is tender and liquid is absorbed.
Stir in artichokes, red peppers, olives, parsley, lemon juice and black pepper. Cook 5 minutes longer or until thoroughly heated. Sprinkle with cheese.