Heat a medium-size nonstick skillet over medium heat. Coat pan with nonstick cooking spray, then add onion and red pepper and coat generously with spray; cover and cook 4 minutes or until softened, stirring occasionally.
Remove cover and stir in 1/2 teaspoon of the Old Bay, 1/8 teaspoon of the salt and the light cream. Increase heat to medium-high and bring to a boil; cook for 1 minute or until reduced and thickened. Gently fold in crabmeat and 2 teaspoons of the parsley; refrigerate 30 minutes.
Heat oven to 400 degrees F. Coat a 13 x 9 x 2-inch baking dish with nonstick cooking spray. Place one of the flounder fillets skinned-side up on work surface, then spoon 12 cup crab mixture onto end of fillet; roll up, creating a small bundle. Repeat using remaining fillets and crab. Transfer bundles to prepared baking dish, seam-side down, and sprinkle with remaining 1/4 teaspoon Old Bay, 1/8 teaspoon salt and 1 teaspoon parsley. Add wine or water to pan; transfer to oven.
Bake at 400 degrees F for 20 minutes or until fish is solid white and flakes easily with a fork. Remove to plates with a large spatula and serve with rice, if desired.