Place figs in a microwave-safe measuring cup and cover with cold water. Microwave on HIGH 4 minutes, or until water is near boiling. Let cool at room temperature, allowing figs to soften. Drain, reserving 2 tablespoons soaking liquid.
Combine figs and reserved liquid with remaining ingredients, except olive oil, in a food processor. Process until smooth, or leave it chunkier to suit your taste.
With the motor running, drizzle in olive oil. Transfer to an airtight container and store in the refrigerator up to 10 days. Makes 3 1/2 cups.
**Note: Add 1 teaspoon chopped fresh herbs (thyme, oregano, cilantro, tarragon or rosemary) and 1 teaspoon citrus zest.