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1. In a heavy bottom large pot, melt the butter in the oil over medium high heat. Add the pasta and saute, constantly stirring, until the pasta has turned reddish brown over half of its surface.
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2. Stir in the sherry and vermouth. Continue to saute until the liquid is reduced by half.
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3. Reduce the heat to medium. Add the pepper flakes, bell pepper and shallot and cook for 1 minute.
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4. Similar to making risotto, start the process of incorporating the chicken stock (should be very hot) by adding 1 cup at a time, gently stirring with a wooden spoon over medium heat until it is nearly absorbed, then adding more stock until 3 cups of stock have been added and mostly absorbed.
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5. Gently stir in the prosciutto and peas. Continue to add more stock until the pasta is almost cooked (should be a little underdone, still slightly crunchy in the middle).
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6. Raise heat to medium high. Stir in the cream and cook for 2-3 minutes to reduce the liquid. When the pasta is done (cooked to the al dente stage) and the liquid mostly reduced, remove from heat and stir in the cheese.
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7. Serve at once with additional grated cheese on top accompanied with a good dry white wine, like a Sauvignon Blanc or Pinot Grigio.
