Preheat oven to 375 degrees. Spray to grease bottom and sides of a 9x13 glass pan.
Lightly spray frying pan with non-stick spray and melt Butter on medium heat. Add Peppers and Onions. Saute until Onions are just transparent. Remove from heat and allow to cool.
Beat together Egg Beaters and Light Cream Cheese until creamy. Add Milk, Old Bay Seasoning, Salt and Worcestershire Sauce. Mix until blended. Stir in Monterrey Jack Cheese until coated with egg mixture. Add prepared Peppers and Onion. Gently stir in Crabmeat. Pour into prepared pan and bake for approximately 45-50 minutes or until a knife inserted in middle comes out clean.