Combine the olive oil, garlic, and red pepper in a medium sauté pan set over very low heat. Cook slowly for about 5 minutes, until very soft and caramelized, being careful not to let it burn. Season the shrimp with the smoked paprika and salt and add to the pan. Sauté, turning once, for about 4 minutes total, just until cooked through. Sprinkle in the parsley and serve with bread for dunking into the garlic oil.