Sort and wash beans; place in a large saucepan. Cover with water to 2 inches above beans; bring to a boil. Cook 2 minutes; remove from heat. Cover and let stand 1 hour. Drain beans. Wipe pan dry with a paper towel.
Heat oil in pan over medium-high heat. Add onion, parsley, celery, carrot, and basil; cook 3 minutes, stirring frequently. Add beans, 9 cups water, vegetable broth, and bay leaves; bring to a boil. Reduce heat, and simmer 1 hour and 15 minutes or until beans are tender. Discard bay leaves.
Place 3/4 cup beans and 3/4 cup cooking liquid in a blender; process until smooth. Return pureed bean mixture to pan. Stir in barley, salt, pepper, and hot sauce; bring to a boil. Reduce heat, and simmer 30 minutes or until barley is done. Ladle soup into individual bowls; sprinkle with cheese.