PREHEAT oven to 350°F. Place sugar, water and ground red pepper in small heavy saucepan. Cook on medium heat until sugar is melted and deep golden brown in color, stirring constantly. Immediately pour into 9-inch square baking pan; tilt to evenly coat bottom of pan with syrup. Set aside.
PLACE cream cheese and evaporated milk in blender container; cover. Blend until smooth. Add roasted red peppers, eggs, garlic, thyme and salt; cover. Blend until smooth. Pour over syrup in pan. Place pan in larger baking pan in oven. Add enough water to larger pan to come halfway up outside of 9-inch square pan.
BAKE 1 hour or until knife inserted near center comes out clean. Carefully remove from water bath. Refrigerate 2 hours or until ready to serve. Invert custard onto serving platter just before serving. Cut into 20 squares; cut each square diagonally in half to form 2 triangles. Place 1 triangle on each serving plate. Top evenly with any remaining syrup from bottom of pan. Serve with RITZ Crackers, if desired.