Heat oven to 350°F.
In 3-quart saucepan or 4-quart Dutch oven, cook ravioli as directed on package; drain. Spray 13x9-inch (3-quart) glass baking dish with cooking spray. Arrange ravioli in baking dish. In same saucepan, heat cooking sauce to boiling. Pour sauce over ravioli in baking dish. Sprinkle cheese over top.
Bake uncovered 10 to 15 minutes or until hot in center and cheese is melted. Sprinkle with basil and olives.