Preheat a waffle iron (one that makes square waffles) according to the manufacturer's instructions.
Remove the dough to a lightly floured surface. Use a lightly floured rolling pin to roll the dough to about twice the size of the waffle iron. Cut in half to create 2 equal squares.
Place one dough square onto the waffle iron. Spread the pizza sauce onto the dough and top with the pepperoni and cheese. Top with the additional square of pizza dough. Close the waffle iron and cook until golden brown, about 5 minutes.
To make the dip, combine the sour cream, basil, scallions and ranch dip mix in a medium bowl.
Cut the waffles into strips and serve with the ranch dip.