Place the dried mushrooms in a pot and cover with a couple of cups of water, bring to a boil over medium heat, then reduce heat and simmer until the mushrooms soften.
Meanwhile, in a Dutch oven heat the extra-virgin olive oil over medium high heat. Add the sliced mushrooms and cook, stirring occasionally, until dark and tender, 12 to 15 minutes. Add the thyme, chile, garlic, peppers and onions and season with salt and pepper, to taste. Cook for 8 to 10 minutes, then add the wine and stir. Remove the reconstituted mushrooms from the liquid, chop and then add them to the pot. Pour in all but last the few spoonfuls of the mushroom liquid stock into sauce pot, the grit will settle at the bottom of the pan. Stir in the tomatoes, breaking them up with a spoon then add the basil leaves and simmer the sauce 20 minutes. Cool and store for a make-ahead meal and reheat over medium flame, stirring occasionally.
Boil a large pot of water to a boil over medium heat. Add the pasta and cook until al dente, about 8-9 minutes. Drain the pasta and return it to the hot pot. Add the butter and stir to melt. Pour in half of the sauce and toss. Serve in shallow bowls with more mushroom cacciatore on top.