Combine the mayonnaise, Magic Pepper Sauce, sugar, and Magic Seasoning Blend in a large bowl and set aside.
Bring the water to a rapid boil over high heat in a 3-quart saucepan and add the macaroni. Stir well and cook, stirring occasionally, just until tender, about 10 minutes. Immediately drain the macaroni in a colander. Rinse first with hot water to wash off the starch, then rinse well with cold water to stop the cooking. Rinse until cool to the touch, and drain well.
Combine the cooled macaroni, the onions, peppers, and chopped eggs with the dressing in the bowl and mix thoroughly. Serve immediately, or refrigerate and serve well chilled.