We had a mushroom rice at The Nines in Portland Oregon that was to die for. We tried recreating it at home using the liquid from soaking dried mushrooms and it turned out alright, not as strong as we thought it would be. If you go the rice or risotto route, just be prepared for it to possibly be tamer than you anticipate.
Personally, I would strain the liquid, boil up some thin egg noodles, add some sautéed chunks of mushroom and enjoy as a soup.
Regardless, just be sure you strain it through a fine sieve because you will have dirt.