In large nonstick skillet, cook potatoes, onion and bell pepper in oil over medium-high heat, stirring constantly, 5 minutes. Add SPAM® Classic; cook and stir 5 minutes longer.
In small bowl, combine egg product, basil, salt, black pepper and hot sauce; blend well. Pour over mixture in skillet; cover. Cook over medium-low heat 8 to 12 minutes or until set. Sprinkle with cheese.