Soak the wooden skewers in water for at least 12 hours before baking the kebabs.
Heat water and pearl onions in a small saucepan. Bring the water to a boil and then reduce heat to low. Cover the saucepan and simmer 3 minutes or until the onions are just tender. Drain the onions. Once the onions are cool enough to handle, peel away the outer layer of skin from the onions. Cover the onions and refrigerate them until you are ready to assemble the kebabs.
In a small bowl, combine the oil, vinegar, pepper sauce, basil, garlic and salt. Mix well.
Cut the steak into 1" chunks. Place the steak cubes in a bowl.
Cut the red and green peppers into 1" chunks. Place the papers in another bowl.
Pour half of the marinade over the beef and stir well. Pour the other half of the marinade over the vegetables and mix well. Cover the bowls and allow them to marinate in the refrigerator for at least 2 hours.*
To assemble the kebabs, alternate skewering the beef, peppers, and onions until you've made 16-20 kebabs. The exact amount will depend on how big you've cut the meat and the length of the skewers.
Place the oven rack on the third level down from the top. Set the oven to broil on high.
Broil the kebabs for 3 minutes, then turn them and broil for an additional 3-4 minutes, or until the beef is done to your liking.
*I like to marinate my steak and veggies overnight.The calories shown are based on the recipe making 16 skewers, with 1 serving being 1 skewer. Since different brands of ingredients have different nutritional information, the calories shown are just an estimate.