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Rinse wild rice in cold water. Drain well; set aside. In a large saucepan, cook bacon over medium heat until crisp. Remove bacon, reserving 1 tablespoon drippings in saucepan. Drain bacon, but keep drippings and set aside.
Add onion to saucepan; cook until tender, stirring occasionally. Add wild rice; cook and stir for 3 minutes. Add chicken broth, water, sherry, and thyme. Bring to boiling; reduce heat. Cover and simmer for 10 minutes. Remove from heat. Stir in celery, dried cranberries and as much bacon drippings as desired.
Meanwhile, heat oven to 350 degrees F. Transfer rice mixture to a 2-quart casserole. Cover and bake for 45 to 55 minutes or until rice is tender and liquid is absorbed, stirring once. Stir in pecans, water chestnuts and bacon.