COOK pasta as directed on package, omitting salt.
MEANWHILE, heat oil in large skillet on medium-high heat. Add shrimp; cook and stir 3 to 5 min. or until shrimp turn pink. Stir in pasta sauce, peas, cream and bacon; cook on low heat 5 min. or until heated through, stirring frequently.
DRAIN pasta. Add to ingredients in skillet; toss to coat.