Combine sausage, bell pepper & onion in large skillet. Cook over medium-high heat until sausage no longer pink; drain. Stir in dry pasta and water. Cook stirring occasionally, for 2-3 minutes, or until mixture comes to a boil. Cover; reduce heat to low. Cook, stirring occasionally, for 14-16 minutes or until pasta is tender. Stir in evaporated milk and chili sauce. Remove from heat; sprinkle with cheese. Cover; let stand for 5 minutes or until cheese is melted.