Bring a large pot of water to the boil. Add the spaghetti and a tablespoon of salt. Cook the pasta for the length of time indicated on the package.
While the pasta cooks proceed with the creamy ham and red pepper sauce. In a large, deep sided skillet melt the butter over medium high heat.
Add the onion, red bell pepper, and garlic. Cover and cook, stirring frequently, until the onion has softened and is translucent - about 6 to 7 minutes.
Add the diced ham to the pan. Cook for 3-4 minutes until the ham is warmed through.
Add the milk, cream, and cream cheese. Cook, stirring, until the cream cheese has melted.
Add the Parmesan cheese, salt, black pepper, basil, and parsley. Stir to combine. Reduce the heat to medium low. Cover the pan and cook for 4-5 minutes more.
Add the drained pasta to the pan with the sauce. Toss to combine the pasta with the sauce. If the sauce seems too thick, add some of the pasta cooking water one ladle full at a time until the desired consistency is reached.
Top individual servings with additional Parmesan cheese and chopped fresh parsley.