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Cook pasta according to package instructions.
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In a pan over medium heat, add oil and butter.
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When the butter is melted, add sliced hotdogs. Cook for 3-5 minutes, then remove from the pan and set aside.
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Using the same pan, add onion and bell pepper slices. Cook until soft.
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Add tomato paste, tomato ketchup, Worcestershire sauce (or soy sauce), and pasta water. Do a taste test, then add the cooked pasta.
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Mix until pasta is well-coated with the sauce.
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You can do a taste test once again and adjust the taste.
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Serve and top with Parmesan cheese and drizzle some Tabasco sauce.