In a large shallow pan or Dutch oven heat olive oil over medium-low heat. Add shallots and cook until softened. Add garlic and cook another 30 seconds. Next, add the tomato paste, and cook until it appears caramelized. Add the vodka and let it cook off.
Meanwhile, cook pasta until al dente. Reserve 1 cup of pasta water.
Add the heavy cream, and stir to incorporate. Add the crushed red peppers. If you like heat, take liberties with this step.
Over low heat, add the butter, reserved pasta water, and Parmigiano Reggiano and salt and pepper to taste.
To serve, top with a sprinkling of Parmigiano Reggiano and fresh basil.