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I would say it isn't likely the plant will live, but before I can offer a definite opinion, I would need more information. Was there something already wrong with the plant that made it unsightly? Otherwise, why hide it away? Basil doesn't survive temperatures below 40 degrees, and if the fridge you speak of is a commercial one in a restaurant or store, it probably is around 35 to 38 degrees.
Why was the soil flooded with water? Was that it's usual condition? Basil has fine roots that rot easily if the soil is kept too wet on a routine basis.
Based on the information you have provided, the plant was probably dying from root rot before it was ever placed in the fridge. If so, it's very unlikely it can be salvaged. Sorry.
"Isn't it enough to see that a garden is beautiful without having to believe that there are fairies at the bottom of it too?" - Douglas Adams