Cook the fettuccine according to the package directions. Remove from the heat. Drain and return to saucepan.
In a large skillet, cook the mushrooms, onion, and garlic in 2 tablespoons of the olive oil over medium-high heat for 4 to 5 minutes or until vegetables are tender, stirring occasionally. Remove with a slotted spoon, reserving the olive oil in skillet.
Add remaining olive oil to skillet. Add the sweet pepper strips to skillet. Cook about 5 minutes over medium heat or until tender, stirring occasionally.
Add the whipping cream and cheese to the pepper strips in the skillet. Stir the mixture over medium heat until the cheese melts and the sauce thickens slightly. Stir in the mushroom mixture, chives, parsley, basil, and salt.
To serve, pour the sauce over the pasta and toss the pasta to coat. Transfer to a serving dish.