In large stockpot, prepare pasta according to directions. Drain pasta and return to pot. In skillet, heat olive oil until hot over medium heat. Clean peppers and cut into strips. Dice onions. Cook peppers and onions in oil until vegetables are tender and browned, about 15 minutes. Stir in sugar, vinegar, basil and pepper. Heat the mixture through. Add the vegetable mixture to the pasta and toss together.