1. In large pot, cook spaghetti in salted water according to package directions for al dente; drain and set aside.
2. In same pot, add olive oil; cook salami, peas and garlic 2 minutes over medium heat. Add cream and cooked pasta. Stir well.
3. Bring just to boil; turn off heat. Stir in egg; continue stirring constantly to incorporate egg and keep it from scrambling. Stir in water; season with salt and pepper. Serve garnished with basil and Parmesan cheese.