Preheat oven to 350 degrees F.
In a large heavy braising pot, over medium heat cook pancetta until crispy and golden. Remove to a paper-towel lined plate to drain. Add the spareribs to the pancetta fat and brown well on both sides.
Remove ribs to a baking sheet and bake until tender, about 1 1/2 hours. Add the sausage to the pot and brown both sides. Add the peppers, onion and garlic. Cook until translucent, then deglaze with wine. Simmer for a couple of minutes, then add tomatoes. Bring back to a simmer, and add the cooked pork ribs, parsley, basil, chili flakes and salt and pepper, to taste.
Simmer on low to medium heat, covered, for another 1 1/2 hours.
Serve over pasta, and garnish with pancetta, green onions and Parmesan.