Panna Cotta: In a small bowl, soften the gelatin in cold water. Combine 1 cup of the cream, icing sugar and vanilla bean in a small pot. Bring to a boil and remove from the heat. Add the gelatin and stir to dissolve. Remove the vanilla bean and scrape the seeds into the cream.
Stir the remaining cream and ricotta. Pour into 8 5 - oz ramekins. Chill for at least 2 hours or up to overnight. Dip each ramekin into hot water, loosen with a knife and turn out onto individual plates.
Basil Balsamic Strawberries: Hull and cut the strawberries into quarters. Toss with the remaining ingredients.