Preheat the oven to 325 degrees F. Grease a 2-quart baking dish with cooking spray.
In a food processor, blend the roasted red peppers and garlic until combined. Add the cream cheese, mayo, Parmesan, salt, pepper and basil to the processor and blend. Spoon into the prepared baking dish. Top with the mozzarella. Bake until bubbling and the top is golden brown, 20 to 25 minutes. Serve with toasted rustic bread.