In a saute pan, heat the olive oil over medium heat. Add the shallots, garlic, red pepper and quickly saute being careful to avoid browning or burning. Add the mushrooms, season with salt and pepper and saute together for 5 minutes. Add the cream, reduce the heat to prevent the cream from scorching and cook for several minutes while the pasta cooks.
Bring the water to a rolling boil in a large pot and add the salt. Add the pasta to the boiling water.
To the mushrooms, add the basil, pine nuts and Parmesan cheese. The pasta will cook in several minutes after returning to the boil. Add the cooked pasta to the sauce and serve.