Prepare Basic Risotto Recipe according to instructions. Chill for 1 hour. Stir in 1 beaten egg and fresh basil. Form into 1 1/2-inch diameter balls. Press mozzarella cube into the center of each ball and seal by rolling into a smooth ball.
Set up three bowls for the breading. One for flour, one for two beaten eggs, one for the Italian bread crumbs. Dip each risotto ball into flour, then egg, then breadcrumbs; coating each one well.
Heat 2 inches of oil in a large saucepan until a deep-fry thermometer reads 370 degrees. Fry the balls in small batches until they are well browned on all sides. Drain on paper towels. Serve warm with basil pesto and warm marinara sauce. Yield = 16 Arancini