Combine the water, bay leaves, and salt and pepper to taste in a pot with a snug-fitting lid. Bring to a boil. Add the rice, reduce to a simmer, and cook 40 to 45 minutes.
Combine the remaining ingredients in a saute pan and saute over low heat until the nuts have toasted lightly. Remove from the heat and combine with the cooked wild rice. Serve with game, poultry, roasted lake trout, or whitefish.