Heat the olive oil and 1 tablespoon butter in a large skillet. Add the Italian seasoning, red pepper flakes and garlic and cook for 3 minutes. Turn the heat off. Add the red wine, turn on the heat and bring it to a boil. Season with a dash of salt and pepper.
Meanwhile, add the spaghetti to the boiling water and cook for 3 minutes. Drain the pasta, reserving some of the water, and add the pasta to the skillet with the simmering wine. Stir everything together with tongs and cook for 5 minutes.
Meanwhile, melt 1 tablespoon butter in a saute pan. Add the sliced mushrooms, season with salt and pepper and fry until cooked on both sides. Drizzle over the balsamic vinegar and toss.
Add the final tablespoon of butter to the pasta and stir through. You can add some of the reserved pasta water if you need loosen the sauce. Add the sauteed mushrooms and stir through. Garnish with the grated Parmesan and torn basil leaves.