Bring water to a boil in a teapot. Pour water over the dried mushrooms and let sit for 20 minutes to reconstitute. Drain and set aside.
Meanwhile, heat a heavy-bottomed pan over medium-high heat. Add oil and when hot, add onions and thyme.
Saute for 5 minutes and then add mushrooms. Cook for another 5 minutes, stirring occasionally.
Add garlic, tomato paste an stir to combine. Cook for 2 minutes.
Add red wine, basil, oregano and red pepper flakes and cook down for a minute or two.
Add stock and cornstarch and stir to combine. Bring to a boil then reduce heat to medium-low and simmer for 30 minutes.
Meanwhile cook fettuccine according to the directions.
Drain and toss with mushroom ragout.
Serve with fresh basil and grated parmesan.