The best way I know to use up a huge batch of basil is to make a huge batch of pesto! I really like the flavor of walnut pesto versus the traditional pesto with pine nuts, but you can substitute them  in this recipe, if you'd like. This pesto has a nice flavor--you won't even miss the parmesan that's included in traditional pestos. This recipe is easy to scale if you just want to make a small batch. I ended up freezing my extras in a silicone ice cube tray and then storing the frozen cubes in a resealable plastic bag for future use.

Ingredients
8 cups packed fresh basil leaves, rinsed and dried
2 cups toasted walnuts
6 cloves garlic, peeled
1/2 tsp sea salt
freshly ground pepper
1 1/2 cup extra virgin olive oil
2 Tbsp lemon juice

Preparation

1. Place basil, walnuts, and garlic in the bowl of a food processor and pulse until chopped and well combined. Add lemon juice and pulse once.
2. With the processor running, add oil in a very slow stream.
3. Season with salt and pepper, to taste.

Source:
http://www.paleotable.com/2011/01/basil-walnut-pesto.html