Sundried Tomato Pesto

• 1/2 cup (packed) fresh arugula leaves
• 1/4 cup walnuts, toasted
• 1/3 cup drained oil-packed sun-dried tomatoes
• 1 garlic clove
• 1/8 teaspoon dried crushed red pepper
• 1/4 cup extra-virgin olive oil
• 1/2 cup water
• 1/2 t salt
• 2/3 cup grated Parmesan cheese