PREPARE pasta according to package directions; drain, reserving ½ cup cooking water. While pasta is cooking, heat butter and oil in large skillet over medium-high heat. Add garlic, lemon peel and red pepper flakes; cook, stirring frequently, for 1 minute.
ADD shrimp to skillet; cook, stirring frequently, for 3 to 4 minutes or until shrimp turn pink and are cooked through.
ADD pasta, lemon juice, parsley, salt and pepper to skillet; stir gently to combine. Thin with reserved cooking water if desired. Serve immediately.