Cook pasta in salted boiling water until al dente. Reserve 1 cup pasta water. Drain Pasta. Set aside.
Heat oil in a frying pan over medium-high heat. Add chopped bacon. Saute, stirring, for 2-3 minutes or until brown and crispy. Remove from pan. Set aside.
Heat butter in a frying pan over medium-high heat. Add shallots. Saute, stirring occasionally, for 2-3 minutes or until soft and translucent.
Add garlic and red pepper (red chili) flakes. Saute, stirring, for one minute.
Add vodka. Simmer for 2-3 minutes or until almost evaporated.
Add tomato paste and diced tomatoes. Stir to combine.
Cook for 2 minutes over low heat. Stir in cream. Season with salt and pepper. Simmer for 4-5 minutes. If the sauce is too thick, add reserved pasta water.
Add parmesan. Stir to combine. Add pasta and bacon.
Toss. Heat through.
To serve, divide pasta among serving bowls. Top with parmesan, basil and more red pepper
(red chili) flakes.