Stir together all ingredients except basil in a 4-qt. microwave-safe glass bowl.
Microwave at HIGH 8 minutes (mixture will boil). Stir mixture, and microwave at HIGH 8 to 10 minutes or until thickened. (You're going for the viscosity of pancake syrup here. The mixture will thicken to soft-set preserves after it cools and chills.) Stir basil into warm preserves. Cool mixture completely (about 2 hours). Serve immediately, or cover and chill preserves in an airtight container until ready to serve. Store in refrigerator up to 3 weeks.
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