To prepare polenta, bring water to a boil in a large saucepan; stir in butter and salt. Gradually add cornmeal, stirring well with a whisk. Cook 5 minutes, stirring constantly. Reduce heat to medium; cook 15 minutes, stirring frequently. Stir in corn; cook 1 minute. Remove from heat; stir in cheese, sour cream, and basil. Cover; set aside.
To prepare ragout, combine boiling water and sun-dried tomatoes in a bowl; let stand 30 minutes or until soft. Drain and slice.
Heat oil in a large nonstick skillet over medium-high heat. Add onion; cook 15 minutes or until lightly browned, stirring frequently. Add bell pepper and garlic; cook 15 minutes or until golden brown, stirring frequently. Stir in paprika and crushed red pepper. Add tomatoes, wine, water, and artichokes; stir well. Cover, reduce heat to low; simmer 10 minutes. Stir in olives. Serve over polenta. Garnish with chopped basil, if desired.