Spoon coconut cream (thick layer at top of can) into a large skillet; stir in curry paste. Bring to a boil over medium-high heat.
Add remaining coconut milk, sugar, fish sauce and red pepper; bring to a boil. Cook 2 minutes, stirring constantly.
Add bell pepper and onion; reduce heat to medium, and simmer 4 minutes.
Add beef; cook 3 minutes or until done, stirring occasionally.
Remove pan from heat; stir in basil, lime juice and salt.
Serve beef mixture with rice and lime wedges.
