Melt butter over medium low heat, add shallots, celery, carrots and bell pepper, and sauté until translucent, about 5 minutes.
Deglaze pan with 1/2 white wine, scrapping up any browned bits.
Whisk in clam juice and chicken broth (or fish stock), rice, tomato paste, Worcestershire, Old Bay seasoning, nutmeg and salt and pepper to taste. Bring to a simmer, cooking until vegetables are tender and rice is very soft, about 10-15 minutes. Remove from heat.
In batches to avoid burning yourself, puree crab soup in a blender until smooth. Once soup is pureed, bring it back to a simmer over a medium low heat.
Add in crab meat, and whisk in 1/2 cup of heavy cream. Cook just until hot, adding 1/2 cup sherry the last 2-3 minutes for additional flavor. If necessary, thin soup with additional broth to desired thickness.
Ladle into soup bowls, garnish with fresh chopped parsley and a dash of paprika and an additional shot of sherry if desired.
Instead of 5 cups clam juice and chicken stock, you can substitute fish stock.