Cook pasta following package directions in boiling salted water until firm but tender.
In a medium-size saucepan, heat the oil over medium heat. Add the sweet peppers; cook, stirring occasionally, for 5 minutes or until the peppers are slightly softened. Remove the peppers to a plate and reserve.
In the same saucepan, heat the cream over medium-high heat. When the cream starts to simmer, stir in the Gorgonzola and Parmesan cheeses, salt, pepper, nutmeg and cayenne; heat, stirring, until cheeses have melted and sauce is smooth.
Drain the cooked pasta in a large colander.
In a large serving bowl, toss together the hot pasta with the cheese sauce. Stir in the basil. Arrange the sweet pepper strips over the top. Garnish with additional fresh basil, if desired. Serve the pasta immediately. Makes 8 servings (or 16 appetizer/first course servings).
The sauce can be made ahead. To serve, gently rewarm sauce in a medium-size saucepan. Toss with freshly cooked hot pasta.