Leave root and 1 inch of stems on beets; scrub with a brush. Pierce each beet 2 times with a sharp knife. Place beets in a large heavy-duty zip-top plastic bag, and seal halfway. Microwave at HIGH 20 minutes or until tender, rotating bag every 5 minutes. Remove bag from microwave; cool to room temperature. Remove beets from bag; reserve liquid in bag. Peel beets, and cut into 1/4-inch-thick slices.
Combine reserved liquid, vinegar, oil, salt, and pepper in a large bowl, stirring with a whisk. Add beets, onion, and serrano; toss gently to coat.
Combine ricotta, provolone, and hot water, stirring well. Sprinkle salad with basil; top with cheese mixture.