Heat the oil in a medium saucepan over high heat. Add the green onions, green and red bell peppers, the broken corncob, corn kernels, garlic, salt, pepper, and crab boil. Cook, stirring occasionally, for 2 minutes.
Stir in the cream and bring to a boil. Reduce the heat and simmer until the sauce is thick enough to coat a spoon, for about 9 to 10 minutes.
Discard the corncobs, fold in the crabmeat, and remove from the heat. Serve immediately or store, refrigerated, in an airtight container for up to 24 hours. Reheat in a saucepan over low heat.
Yield: 2 cups