This is from Joy of Cooking and it turned out pretty well. We only used half a pound of pasta (Linguine is best) so it had lots of sauce.
Process to a rough paste in a food processor:
2 cups loosley packed fresh basil leaves
1/3 cup pine nuts
2 med cloves garlic
1/2 cup parmesean cheese (please...don't use the kraft kind from the pasta aisle...it will be yucky)
With the machine running , slowly pour through the feed tube:
1/4 cup extra virgin olive oil
If it seems dry, add more oil, it should be a thick paste.
Season with salt and ground pepper to taste, serve immediately over Linguine.
Note: the stuff you buy in the store must be treated with a perservative, because the fresh home made stuff turns brown pretty fast. Still taste's great though. Can be stored in the fridge in a glass container for 1 week, you can freeze it before adding nuts and cheese.