This takes a while to make, but it's worth it. It's one of Emeril's recipes, but I can't remember which book it's from. (Sorry, Emeril!) Tip: If you're peeling shrimp for something else, instead of throwing the peels and heads away go ahead and make the stock then and freeze it. Then you won't have to go through that step when you're making the stew and it won't take as long.
Shrimp Stew
2 lb medium shrimp
1 yellow onion, quartered
2 bay leaves
1 tbsp + 1/2 tsp salt
1/2 cup vegetable oil
1/2 cup flour
1 cup chopped yellow onion
1/2 cup chopped bell pepper
1/2 cup chopped celery
1/4 tsp cayenne pepper
2 tbsp chopped fresh parsley
Peel shrimp and reserve shells and heads. Refrigerate shrimp and put shells and heads in water in large saucepan. Add quartered onion, bay leaves and 1 tbsp of the salt. Bring to a boil, then reduce to medium and simmer, uncovered, 30 min. Remove from heat and strain, discarding peels and heads.
Combine the oil and flour in a cast-iron pot over medium heat, stirring slowly and constantly. Bring roux to a peanut butter color (about 15 to 20 min.). Add chopped onion, pepper and celery and stir till soft, 6 to 8 min.
Add shrimp stock and whisk to blend with roux. Bring to boil, then reduce heat to medium-low and simmer, uncovered, for 1 1/2 hours. Add shrimp and 1/2 tsp salt and cayenne and cook for 20 min. Stir in parsley. Serve over rice.