In a large saucepan, bring 2 cups of the water to a boil.
Remove from heat and add the tea bags.
Steep for 8 minutes and then discard the bags.
Add the lemonade and the remaining 2 cups of water.
Transfer the mixture to a pitcher and chill.
Stir in the basil and crush with a spoon until fragrant.
Stir in the bourbon and liqueur.
Pour into tall glasses filled with ice and garnish each glass with a lemon wheel.