1. Prepare pasta according to package directions.
2. Meanwhile, cook pancetta in a large nonstick skillet over medium-high heat until crisp. Remove pancetta, and drain on paper towels. Wipe skillet clean.
3. Melt butter in a large skillet over medium-high heat. Stir in oil, shallots, garlic, and red pepper; sauté 3 to 4 minutes or until shallots are tender.
4. Stir in vodka; bring to a boil, reduce heat, and simmer 3 minutes or until reduced by half. Stir in stock and next 4 ingredients, and simmer 15 more minutes.
5. Reduce heat to low; stir in cream, basil, and pancetta. Cook 2 minutes or until heated through. (Do not boil.) Spoon pasta into serving bowls; top with sauce. Garnish, if desired.