Halve squash; discard seeds. Place, cut side down, in a 12" x 7 1/2" x 2" microwave safe baking dish. Add 2 tablespoons water to dish. Cover with vented microwave safe plastic wrap. Microwave on 100% power (high) for 15 to 20 minutes (low wattage oven, 20 to 25 minutes) or until tender, rearranging once. Drain; set aside.
In a 2 quart microwave safe casserole combine next 9 ingredients. Cook, covered on high for 3 to 4 minutes or just until tender, stirring once.
Use a fork to shred and separate squash pulp into strands, reserving shells. In the casserole toss squash pulp, pepper mixture and olives until coated. Cook, covered on high for 2 to 3 minutes or until heated through. Transfer into squash shells. Sprinkle with peanuts.
Makes 6 to 8 servings.
