BRING a large pot of water to a boil.
HEAT half of the olive oil in medium-sized skillet over medium-high heat.
ADD onion and saute for 4 minutes or until translucent.
ADD peppers, and season with salt and pepper. Add just enough hot water to cover the peppers; simmer for 12 minutes until peppers are tender and water is completely reduced.
MEANWHILE, cook pasta according to package directions.
DRAIN pasta and add to skillet with onions and peppers. Toss pasta with the remaining oil, basil leaves and cheese before serving.