In a blender or processor, purée tofu, water, and miso.
In a medium-size saucepan, heat olive oil and add basil, oregano, bay leaf, and onion. Cook on moderate heat, uncovered, 4 to 5 minutes. Lower heat, add salt, cover, and cook another 10 minutes.
Add blended tofu mixture to saucepan and stir well. Bring mixture to a boil, be careful, since it tends to splatter. Lower heat and simmer, uncovered, 3 to 4 minutes. Remove bay leaf.
Suggested Uses: Serve over pasta, rice, millet, or steamed vegetables, or spread on toast.