In a large pot filled with boiling salted water, add pasta and cook according to package instruction. Drain and set aside.
In a deep skillet over medium heat, add oil and butter. When hot and melted, add shallots and sauté for 2 minutes. Add garlic and sauté for 1 minute. Add roasted red pepper and basil; sauté for 1 ½ to 2 minutes. Pour wine and reduce to half. Pour cream, stir and when it starts to simmer, add crab meat. Bring back to simmer, reduce heat to low and add cooking sherry, hot paprika, white pepper, sea salt and cheese. Stir and let simmer for 2 minutes.
Add pasta and stir until well coated. Sprinkle with parsley and stir. Serve into warm bowl and sprinkle more cheese if desired. Makes 4 servings.