Cook pasta as directed on package. Meanwhile, crumble sausage into large skillet; cook and stir on medium heat 8 min. or until done. Drain. Add bell peppers; cook and stir 5 min. or until crisp-tender. Stir in next 3 ingredients; cook 5 min. or until heated through. Add cream cheese; cook 2 min. or until melted, stirring frequently.
Drain pasta. Add to sausage mixture; mix lightly. Top with Parmesan.