Bring large pot of salted water to a boil and cook the gnocchi according to the package instructions. Drain in a colander in the sink.
In a saucepan, heat oil over medium heat until hot, add garlic and cook, stirring, until golden. Add peppers, salt and pepper and cook, stirring occasionally, for 5 minutes. Transfer to a processor or blender and puree. Return sauce to pan, add cream and bring to a simmer, stirring. Add basil, salt, pepper and few drops lemon juice, to taste.
In a large bowl, toss the gnocchi and sauce together. Divide among bowls, strew over some torn basil leaves, and grate some Parmesan over the top. Serve immediately.