1. Beat cream cheese and feta with mixer until smooth.
2. Grind red pepper and olives in food processor until blended. Drain this mixture of as much moisture as possible.
3. Mix cheese mixture and olive mixture with a spoon and add capers, basil and garlic.
4. Shape cheese mixture into a ball - cover and chill at least 3 hours. This can also be made and frozen for future use - but be sure to freeze without the pine nuts.
5. Roll in toasted nuts just before serving.