Saute the shallot in butter for 5 minutes or until tender. Add the steeped saffron in white wine and evaporate. Add the orzo and saute just enough to coat the pasta kernels.
Add the chicken broth and bring to a boil and cook until the pasta has absorbed the broth, and is tender, about 10 minutes. Stir in the shrimp, cover and steep just long enough for the shrimp to gently warm through. Season to taste with salt and crushed red pepper; garnish with parsley.