Fill a 5-quart stock pot 3/4 full with salted water and bring to a boil for pasta. Pre-heat a 3-quart stock pot over medium heat and add olive oil, shallots and prosciutto. Stir with a wooden spoon and cook 2-3 minutes until shallots are translucent. Deglaze pot with red wine and reduce by half. Squeeze excess wine out of porcini mushrooms and add to red wine reduction. Add tomatoes and bring to a boil. Season with salt and pepper and add cream, stirring to incorporate. Bring to a boil and reduce heat to low, stirring occasionally.
Add pasta to boiling water and cook al dente. Drain and return to pot. Add sauce, cheese and basil and mix well. Serve immediately and sprinkle with more cheese as preferred.