In a small saucepan, heat broth and salt over medium heat; keep warm.
In another saucepan, melt butter over medium heat. Toast rice lightly and start ladling broth into saucepan until absorbed. Stirring occasionally, continue to add broth for about 20 minutes or until all the broth is used and rice is tender. Scrape rice into a large bowl to cool.
In a small bowl, combine fruilano, walnuts, (if using), and parsley.
Stir egg, parmesan, and half of the breadcrumbs into the rice. Dampen your hands and divide rice into 8 mounds and roll each into a ball. Make a hole in each and stuff with some of the cheese mixture. Roll back into a ball. Cover and refrigerate for 1 hour.
Make-ahead: can be refrigerated for up to 1 day.
Heat oil in large, deep saucepan or deep fryer to 360°F (182°C).
Roll balls into remaining breadcrumbs. Fry rice balls in batches for about 3 minutes or until golden. Remove with slotted spoon to paper towel-lined plate.
Serve arancini with pasta sauce and sprinkle with basil.