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1. Heat the 4 cups of water and salt in a separate saucepan of at least 3 quarts. Once boiling, whisk in the cornmeal in a slow stream, continuing to whisk vigorously until it's all added. Continue cooking and whisking until it's too thick to whisk, then switch to a wooden spoon. Cook over low heat, stirring occassionally, until the polenta is soft and thick, about the time to prepare the rest of the recipe. More water may be added if the polenta is too thick.
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2. In a very large frying pan (12 or 14 inches) heat 6 tablespoons of the oil over medium heat until shimmering. Add the onion, peppers, chili flakes and oregano, and cook until soft, 8-10 minutes. Spoon in the tomato paste and stir into the vegetables. Cook until its color darkens, being careful not to burn it. Add the red wine, lower the heat to a simmer, and cook for at additional 15 minutes.
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3. In a second large skillet large enough to hold the sausages comfortable, heat the last tablespoon of oil over medium heat. When it is shimmering, add the sausages and cook without turning until the underside is dark golden, 7-10 minutes. Carefully turn the sausages and add the pepper mixture to the pan. Add a cup of water and bring to a boil, then simmer for 20 minutes, adding water if necessary to keep the consistency of a ragu.
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4. If desired, stir in the Parmesan and butter into the polenta, then divide among shallow bowls. Top with the ragu and serve.
