in 12-inch skillet, cook ground beef over medium-high heat 5 to 7 minutes, stirring occasionally, until thourougly cooked. Add pepperoni, cook one minute, drain.

Stir in pasta sauce, water and uncooked spaghetti. Heat to boiling; stir. Reduce heat to medium-low; cover and cook 10 to 15 minutes or until spaghetti is of desired doneness, stirring occasionally.

Arrange pepper strips over top. Sprinkle with cheese. Remove from heat. Cover; let stand 3 to 5 minutes or until cheese is melted