In small, microwave-safe bowl or cup, cook almonds on High 1 1/2 to 2 minutes or until lightly browned in center. Cool slightly.
In food processor with knife blade attached, pulse almonds, basil, garlic, Parmesan, 1/4 teaspoon salt, and 1/4 teaspoon freshly ground black pepper until finely chopped.
With processor running, gradually pour in olive oil and water until blended.