The basil in our garden has actually been doing really well this year, so now we're flush with pesto! I love making it when the basil's fresh and freezing it for winter...although in all honesty, it never lasts that long. It's too good!
My favorite recipe is modified from one in The Art of Simple Food by Alice Waters (related: I would like all of these). According to the recipe, it should be made with a mortar and pestle, but I opt to use a food processor instead. Then we put it on pizza, pasta, bread -- anything!
Wash and pick the basil leaves and toss them into the food processor with all of the other ingredients. Blend well.
I freeze the pesto in jars -- my dad freezes his in tupperwares. But it doesn't matter -- it ends up in the fridge, and then eaten, within days!