In 4-quart saucepan, heat oil over medium heat. Add onion and carrots. Cook 2 to 3 minutes, stirring occasionally, until softened.
Stir in tomatoes, broth, water and pepper sauce. Heat to boiling. Stir in pasta. Heat to boiling; reduce heat to medium. Cook uncovered 10 to 15 minutes, stirring occasionally, until pasta and carrots are tender.
Stir in basil. Cook about 1 minute, stirring constantly.