Grill corn (HIGH) on lightly oiled grill rack, uncovered, turning until kernels on all sides are tender and browned in patches (10-15 min.). Cut corn off cobs; purée 1/2 cup kernels with milk in blender until smooth. Pour purée into a 2-qt. heavy-bottomed saucepan; stir in basil, salt, pepper and remaining corn kernels. Cook over low heat, covered, stirring occasionally, until heated through (about 5 min.).
Recipe adapted from Gourmet Magazine, August 2003 issue.