1. Cook the penne according to package directions. Meanwhile, place the sausage in a large skillet filled with about 1/2 inch of water; simmer over high heat for 9 minutes.
2. While the sausage cooks, heat half of the oil over medium heat in another large skillet. Add the onion, the peppers, and half of the basil. Sauté for 9 minutes, stirring frequently.
3. Remove the sausage from the skillet with a slotted spoon; add it, with the remaining oil, to the onion-pepper mixture; cook for 1 minute. Add tomatoes, water or wine, salt and pepper, and remaining basil; simmer over medium-high heat for 5 minutes.
4. Toss the penne with the sausage and pepper sauce, and serve.