COOK spaghetti in large saucepan as directed on package, omitting salt. Meanwhile, cook bacon in large skillet until crisp. Remove bacon from skillet with slotted spoon, reserving 1 Tbsp. drippings in skillet. Drain bacon on paper towels.
ADD shrimp to reserved drippings; cook and stir on medium heat 5 min. or until shrimp turns pink. Stir in peas; cook 1 min. Add cream cheese spread and milk; cook and stir 4 min. or cream cheese is melted and sauce is thickened. (Do not let sauce come to boil).
DRAIN spaghetti; return to pan. Add shrimp mixture and bacon; mix lightly. Top with Parmesan.