3 tablespoons extra-virgin olive oil
1 large red bell pepper, cut into 1-inch pieces
Salt and freshly ground pepper
1/2 cup water
1 1/4 pounds yellow summer squash, sliced on the diagonal 1/4 inch thick
1/3 cup chopped basil
In a large skillet, heat 2 tablespoons of the olive oil. Add the red pepper, season with salt and pepper and cook over high heat, stirring, until sizzling. Add 1/4 cup of the water, cover and cook over moderately low heat for 5 minutes. Add the remaining 1/4 cup of water, cover and cook, stirring a few times, until the pepper is tender and the water has reduced to about 2 tablespoons, about 5 minutes longer. Stir in the summer squash and the remaining 1 tablespoon of olive oil. Cover and cook over moderate heat, stirring a few times, until the squash is just tender, about 4 minutes. Remove from the heat and stir in the basil. Season with salt and pepper and serve.
Food and Wine also has a delicious but more complicated recipe Spinach Fettuccine with Tangy Grilled Summer Squash