1) In a medium saucepan, over medium heat, add the butter. When the butter has melted add the shallots and saute until very soft, about 5 minutes.
2) Stir in the rice and add a pinch of salt. Raise the heat to high and cook, stirring to toast the rice, about 1 minute.
3) Add the wine and cook until reduced by half. Pour in the stock and water and bring the mixture to a boil. Lower the heat, cover, and simmer until the liquid is absorbed, about 20 minutes.
4) Season with salt, to taste. Transfer to a serving bowl and serve.