Combine first 3 ingredients in a food processor or blender; process until smooth, stopping to scrape down sides. Stir together basil mixture and grated cheese in a small bowl.
Place a 1 1/2" round cutter on a lightly greased baking sheet.
Sprinkle 1 tablespoon cheese mixture into cutter. Press cheese into cutter; remove cutter. Repeat procedure with remaining cheese mixture, spacing wafers 2" apart.
Bake at 350 for 10 to 12 minutes or until edges are browned. Cool 30 seconds on baking sheet.