Place the sliced sausage in a large skillet over medium high heat. Saute for 5 to 10 minutes, flipping often, until well browned. Drain excess fat and set sausage aside.
In the same skillet over medium heat, combine the green bell pepper, red bell pepper, onion and butter or margarine and saute for 10 minutes, or until all vegetables are tender. Add the sausage and stir together well. Season with salt and pepper to taste.
Then add the sweet and sour sauce, cayenne pepper and hot pepper sauce. Reduce heat to low and simmer for 5 to 10 minutes, allowing all the flavors to blend.
