COOK pasta as directed on package. Meanwhile, cook bacon in large skillet until crisp. Remove bacon from skillet with slotted spoon, reserving 2 Tbsp. drippings in skillet. Drain bacon on paper towels.
ADD remaining ingredients to reserved drippings; cook on low heat until cream cheese is melted and mixture is well blended and heated through.
DRAIN pasta; place in large bowl. Add cream cheese sauce and bacon; mix lightly.