BRING 1/4 cup water to a boil in large saucepan over medium heat. Add onion and bell pepper; cook, stirring occasionally, for 5 minutes or until tender. Add remaining water, corn, evaporated milk and bouillon. Bring to a boil; reduce heat to low. Cook, stirring frequently, for 15 minutes or until heated through. Stir in shrimp; cook, stirring occasionally, for 3 minutes. Sprinkle with basil.