Heat the tomato sauce, onion, oil, peppers, garlic, olives, Tabasco and 1/2 cup water in a large skillet over medium heat. Cook for about 2 minutes, stirring continuously.
Add the crabmeat, stir, and reduce the heat to low. Cook, covered, for 15 minutes.
Remove from heat, stir and season to taste with salt. Let stand, covered, until cooled.
Heat a pot of oil to 350 F. Add the rice to the crab mixture and mix. Roll into 3 to 4-inch balls.
Roll the balls in shredded coconut and fry until golden brown, about 3 minutes. Serve hot.