1) In a medium saucepan combine 1/2 to Tbsp Red Curry paste (I like it spicy -- so I use 1 Tbsp) with one can of coconut milk. (I use light coconut milk to save calories/fat).
2) Simmer for 5 minutes. Add 1/4 cup fresh basil, 1/4 cup bamboo shoots, 3 Tbsp Fish Sauce, 2 Tbsp brown sugar, 1/3 cup chicken stock, and 1/2 cup of your favorite mushrooms (I use the Japanese style and shitake). Simmer for 10 to 15 minutes.
3) While you are simmering -- saute the chopped peppers (1 or 2 inch pieces) and chopped onion and carrot in a frying pan or wok lightly covered in olive oil. Fry lightly peppered chicken breasts till cooked through.
4) Place sauteed peppers and onions on bowls of rice and spoon curry sauce over rice. You can either use curry sauce to lightly flavor rice or more as a soupy type mixture. I use short grain brown rice -- but any type is fine. Add cut chicken breast or other meat/tofu if desired.

See more at http://thai.food.com/recipe/scrumptious-thai-coconut-red-curry-214590?scaleto=4&mode=null&st=true