Process the butter, basil, parsley, garlic, salt and lemon pepper in a food processor until blended. Pour over shrimp in a shallow dish, tossing to coat.
Marinate, covered, in the refrigerator for 1 hour, tossing occasionally. Drain, reserving the marinade.
Saute the shrimp in a skillet sprayed with nonstick cooking spray until the shrimp turn pink. Remove the shrimp to a bowl.
Add the cream, Parmesan cheese and reserved marinade to the skillet; mix well.
Cook over medium heat until heated through, stirring constantly. Stir in the shrimp. Add salt and pepper; mix well.
Serve over the pasta; sprinkle with the parsley.