Heat oil in large saucepan over medium-high heat; add garlic and red pepper, and cook 30 seconds. Add V-8 juice and horseradish; bring to a boil. Stir in shrimp and cook for 4 minutes.
Stir in tomatoes and peas, and cook 2 minutes more. Add lemon juice, pour over pasta, stir, and sprinkle with basil.