In skillet over medium heat, cook bacon until limp. Add onion; continue, stirring frequently, until bacon has browned. Add garlic; cook 30 seconds. Drain fat, reserving 1 tablespoon in pan. Add whipping cream; heat to boiling. Reduce heat; simmer 3 minutes. Meanwhile, cook pasta according to package directions; drain. Place in pan with cream mixture. Add cheese, pepper and parsley. Toss hot sauce with spaghetti; serve immediately.