In a large pot, boil water for pasta as directed on package. When it comes to a boil gently place the tomatoes in using a large spoon and let them cook for 1 minute. Remove with a slotted spoon and set aside. Drop the pasta into the boiling water and cook as directed on package.
In a large bowl, combine olive oil, basil, garlic, balsamic vinegar, and salt and pepper.
When the tomatoes have cooled enough to handle, remove the skins from the tomatoes (As you would a peach. Trust me, after boiling it's really easy.) and then dice. Add to the large bowl.
When the pasta is finished cooking, transfer it with a spaghetti spoon straight from the pot to the bowl of tomatoes. Toss until all pasta is coated. Taste and add more salt and pepper if desired. Add a little of the pasta water if the pasta seems too dry. (You'll want to reserve about 1/2 cup if you are planning on eating this for leftovers.)
Serve topped with shaved Parmesan cheese and red pepper.