In a saucepan bring the broth and the water to a simmer and keep it at a bare simmer. In a heavy saucepan cook the onion in the butter over moderately low heat, stirring, until it is softened. Add the rice, stirring with a wooden spatula until it is coated well with the butter, add the wine, and cook the mixture over moderately high heat, stirring, until the wine is absorbed. Add about 1/2 cup of the simmering broth and cook the mixture, stirring, until the broth is absorbed. Continue adding the broth, about 1/2 cup at a time, stirring constantly and letting each portion be absorbed before adding the next. With the last 1/2 cup broth add the bell pepper, the corn, and the basil, stirring, and cook the mixture until the broth is absorbed and the rice is al dente. (The rice should take a total of about 18 minutes to become al dente.) Remove the pan from the heat and stir in the Parmesan and salt and pepper to taste. Serves 2.