Prepare pasta according to directions. Reserve 1/4 cup pasta water for sauce.
Meanwhile, saute onions and peppers in olive oil until onions are translucent. Add bacon or ham, saute until it just begins to crisp up -- approximately 6-8 minutes. This should be done as pasta is boiling.
Strain pasta, add to saute pan with peppers, onions and ham. Stir well to mix, then remove from heat.
Beat eggs in a bowl, slowly adding hot pasta water to temper. Very quickly stir pasta as you pour egg into the pan. The heat of the pasta should cook the egg, the stirring should prevent the egg from curdling.
Add cheese and cracked black pepper to taste. Serve immediately.