Set a large 14-inch saute pan over medium-high heat. Add the olive oil to the pan, and when hot, add the onions to the pan and cook, stirring occasionally, until slightly softened, about 3 minutes. Add the garlic, crushed red pepper and diced tomatoes to the pan and cook 2 minutes. Add the tomato paste and stir to evenly coat. Add 1 cup water and salt and stir well. Add the hot dogs and simmer for about 15 minutes, or until the tomatoes get soft and sauce-like.
While the sauce is cooking, add the pasta to a pot of boiling, salted water and boil for about 8 minutes (the pasta should be very al dente), remove the pasta from the cooking water and add to the pan with the hot dog sauce and toss well to coat. Season the pasta with the salt and garnish with the chopped parsley and cheese. Serve immediately.