Cook ravioli to desired doneness as directed on package.
Meanwhile, spray large nonstick skillet with nonstick cooking spray. Heat over medium heat until hot. Add bell peppers. Reduce heat to medium-low; cover and cook 5 to 7 minutes or until crisp-tender, stirring occasionally.
Drain ravioli; rinse with warm water. Add ravioli to skillet. Stir in salad dressing, basil and red pepper flakes; cook and stir until combined.