Heat oil in nonstick skillet over medium heat. Add onion and garlic. Cook until tender, about 5 minutes. Add water, 2 tablespoons at a time, if too dry. Stir in peppers and thyme. Cook about 5 minutes. Add broth and wine. Simmer, uncovered, 10 minutes longer.
Add sauce in batches to food processor or blender. Stir in half-and-half and salt; whirl to a puree.
Meanwhile, cook pasta according to package directions. Drain and place pasta in large serving bowl. Toss with sauce. Stir in basil. Serve immediately. Makes 6 servings.