In a large skillet over medium heat add the olive oil, peppers and garlic. Cover and cook for approximately 15 minutes, stirring frequently, until the peppers are soft. Remove from heat.
In a food processor, add the almonds and basil with a few drops of olive oil. Blend together. Add the remaining ingredients from the skillet. Blend together until smooth, and then add the cheese and salt and pepper to taste.
Meanwhile, bring a large pot of salted water to a boil. Add the pasta, stir until it boils again, and cook until al dente (about 1-2 minutes less than the package’s directions). Drain the pasta, retaining some of its cooking liquid. Place the pasta in a larger serving bowl and slowly mix in the pesto sauce, adding some of the pasta water only if mixture appears too dry.