1. In small bowl, sprinkle yeast over warm water. Allow to sit a few minutes or until yeast has dissolved.
2. In large bowl, place flour. Pour yeast mixture over flour. Using spatula, combine until a sticky dough forms. Add oil, basil, garlic powder, salt and pepper. Mix until a sticky ball forms. Turn mixture onto lightly floured surface. Knead dough 2 to 3 minutes, adding flour if necessary, or until dough is no longer sticky. Place dough back in bowl. Cover with plastic wrap. Allow to rise 30 minutes.
3. In food processor bowl, place tomatoes with their liquid and oregano. Pulse until smooth.
4. Divide dough into 4 balls. Cut each ball in half. Stretch each piece to create 8 (6-inch) rounds. Top each of 4 rounds with 1 tablespoon tomato mixture, leaving a 1-inch border. Layer sauce with 6 pepperoni slices, 2 slices mozzarella cheese, and 1 tablespoon parmesan. Cover each with remaining dough discs pinching edges together to seal.
5. Place in heated waffle iron. Cook 3 to 5 minutes or until browned. Repeat with remaining ingredients.
6. Split waffles in half. Using photo as guide, decorate waffle halves on serving plates with suggested decoration.
7. Serve with remaining tomato mixture for dipping if desired.