Last year while unemployed I made Basil Oil as a birthday gift. It's really simple and delicious.
Buy, acquire, grow a basil plant. It needs to be bushy and full. Over pluck the plant until it's just stalks with small / little leaves on. Never pick the small leaves, only the medium to big ones.
Place in a saucepan (I used a sauce / milk pan and the amount of leaves I picked filled it a third full, approx. 2.5 inches deep) and add 75cl of Extra Virgin Oil. Put on an extremely low heat and leave until the oil starts to simmer (Do NOT let it boil). Let the oil simmer for about 5-10 minutes. Remove from the heat and leave to cool. When you return to it an hour or two later, the oil will now be a green misty colour.
Find the appropriate receptacle for the oil. I like to use old glass drinking bottles (but you could easily purchase some from here or use alternatives). Using a funnel and sieve, pour the oil in to the bottles, wrap with a bow and add a tag, stating when it was made.
I'd advise it be stored in a cool dark cupboard and consumed within 30 days - although it might need to be used way before this. I eat mine with freshly baked bread, on salads and it tastes great with anything parmesan based.
Photo to follow....