1Brown ground beef in large skillet over medium-high heat until thoroughly cooked. Add pepperoni; cook 1 minute. Drain.
2Stir in spaghetti sauce, water and uncooked spaghetti. Bring to a boil; stir. Reduce heat to medium-low; cover and cook 10 to 15 minutes or until spaghetti is of desired doneness, stirring occasionally.
3Add olives; stir gently to mix. Arrange pepper strips over top. Sprinkle with cheese. Remove from heat. Cover; let stand 3 to 5 minutes or until cheese is melted.