In a 12 to 14-inch frying pan, heat the oil over medium heat until smoking. Add the onions, peppers, chili flakes and oregano and cook 8 to 10 minutes, until softened. Add the tomato paste and cook 15 to 18 minutes, until paste turns a darker color. Add the red wine, bring to a boil, then reduce the heat and simmer for 25 to 30 minutes, augmenting the pan with water, 1/4 cup at a time to keep the liquidity near that of a ragu.
Bring 6 quarts of water to a boil and add 2 tablespoons salt. Drop the spaghetti into the water and cook according to the package instructions until 1 minute short of al dente. Drain the spaghetti and toss into the pepper mixture and place pan over high heat. Cook the spaghetti in the peppers until dressed like a good pasta dish, about 45 seconds. Pour into a warmed bowl and serve immediately.