Heat oven to 350°F. In large bowl, beat cream cheese and pizza sauce until well blended.
In ungreased 13x9-inch (3-quart) glass baking dish, spread 1 cup of sauce mixture; arrange baguette slices over sauce. Spread top of baguette slices with 1 cup sauce mixture; sprinkle with 1/2 cup of the mozzarella cheese.
Stir meatballs and pepperoni into remaining sauce mixture; pour over cheese. Sprinkle with bell pepper and remaining 1 cup mozzarella cheese.
Bake 30 to 40 minutes or until thoroughly heated and cheese is melted. Sprinkle with basil.