Heat 1 tablespoon oil in 3-quart saucepan over medium-high heat. Add shrimp; cook until lightly browned. Remove to bowl. Cook potatoes, onion and garlic in remaining oil over medium heat until lightly browned, stirring occasionally.
Add 1 cup corn, chicken broth, TABASCO® Sauce and salt. Heat to boil over high heat. Reduce heat to low; cover and simmer 10 minutes until potatoes are tender. Remove from heat. Allow to cool slightly.
In blender or food processor, purée soup in batches until just smooth. Return to saucepan along with shrimp and remaining 1 cup corn. Heat to boil over high heat. Reduce heat to low; cover and simmer 3 minutes. Stir in half-and-half. Cover and refrigerate until well chilled, at least 2 hours.
Garnish soup with red pepper and basil, if desired.
Makes 9 cups.