Bring water and broth to a simmer in medium-size saucepan; keep at a low simmer.
Heat oil in large heavy-bottomed saucepan over medium heat. Add onion and garlic; sauté 5 minutes or until slightly softened. Add crumbled sausage; cook 5 minutes or until sausage is no longer pink. Add rice; cook 1 to 2 minutes, stirring to coat rice. Add wine; cook 1 minute or until all the wine is absorbed.
Add 1/2 cup simmering broth mixture; cook over medium-low heat, stirring, until all the broth is absorbed. Add remaining broth mixture, 1/2 cup at a time, cooking in same manner. This should take 20 to 25 minutes total.
Add tomatoes; bring to a simmer over medium-high heat. Lower to medium-low heat; stir until all liquid is absorbed and mixture is creamy.
Stir in corn; heat through. Remove from heat. Stir in cheeses, salt, pepper, basil. Serve immediately. Makes 6 servings.