Bring a large pot of salted water to a boil. Pour in the pasta and cook according to package instructions until al dente.
Meanwhile, put a pan over medium heat. Stir in the diced pancetta, reduce the heat to low, and allow the pancetta to render until crisp. Mix it often, for about 5 minutes or until crispy. Using a slotted spoon or spatula, remove the cooked pancetta from the pan and reserve.
Add the garlic and shallots with the remaining fat in the pan and cook, stirring frequently, until translucent, about 2-3 minutes. Then, squeeze in the tomato paste, crushed red pepper flakes, and a pinch of salt and pepper, and cook it until the tomato paste turns dark red, about 3 minutes.
Next, deglaze the pan with the vodka and cook it off for about 2-3 minutes.
Reduce heat to low, pour in the heavy cream, pasta water, and butter. Constantly stir until it begins to slightly thicken, about 2 minutes.
Next, toss in your cooked pasta and stir. Finish by grating in the Parmesan. Season to taste with salt and pepper. Top with additional cheese, if desired, and sprinkle with basil.