Combine water and preserves in a large saucepan. Bring to a boil over medium-high heat; cook 2 minutes or until preserves melt. Remove from heat; cool completely. Stir in basil and lemon juice.
Pour mixture into the freezer can of an ice-cream freezer, and freeze according to the manufacturer's instructions. Spoon sorbet into a freezer-safe container; cover and freeze 1 hour or until firm.