1In 12-inch skillet, heat water to boiling. Add asparagus. Heat to boiling; reduce heat to medium. Cover and cook 4 to 6 minutes or until crisp-tender. Drain; set aside.
2In same skillet, melt margarine over medium-high heat. Stir in mushrooms. Cook 2 to 3 minutes, stirring frequently, until mushrooms are light brown.
3Stir asparagus, basil, salt and pepper into mushrooms until vegetables are coated with seasonings and asparagus is heated through. Sprinkle with cheese and hazelnuts.