Cut bell peppers in half lengthwise; discard seeds and membranes. Place peppers, skin side up, on a foil-lined baking sheet; flatten with hand. Broil 15 minutes or until blackened. Place bell peppers in a zip-top heavy-duty plastic bag, and seal; let stand 10 minutes. Peel peppers. Place bell peppers in a food processor, and process until smooth, scraping sides of bowl once. Set aside.
Combine wine, shallots, and garlic in a medium saucepan; bring to a boil. Cook 10 minutes or until reduced to 1/3 cup. Add wine mixture, salt, thyme, crushed red pepper, and black pepper to pureed bell pepper in processor, and process until smooth.
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