Combine broth and water in large saucepan. Bring to a boil over high heat. Add zucchini and macaroni. Return to a boil. Reduce heat to low. Cook 8 minutes, or until macaroni is tender, stirring occasionally.
Stir in sausage, tomatoes with their juice and the tomato juice cocktail; cook 5 minutes, or until heated through, stirring occasionally.
Sprinkle with cheese just before serving.