Cook spaghetti according to package directions; drain. Return to hot pan; cover and keep warm.
Meanwhile, remove and discard some of the fat from edges of pancetta. Coarsely chop pancetta. In a large nonstick skillet cook pancetta over medium heat until brown. Remove pancetta and drain on paper towels, reserving drippings in skillet. Add sweet pepper and onion to the reserved drippings. Cook over medium heat for 8 to 10 minutes or until very tender, stirring occasionally. Add garlic; cook and stir for 30 seconds.
Remove skillet from heat. Carefully add wine; return to heat. Cook for 2 to 4 minutes or until most of the wine is evaporated. Add half-and-half; bring just to boiling, stirring constantly. Add pancetta and cooked spaghetti; toss to coat. Remove from heat. Add egg and half of the cheese; quickly toss to coat.
Divide spaghetti mixture among serving plates. Sprinkle with the remaining cheese and, if desired, black pepper. Garnish with parsley.