You're going to need some drainage installed to relieve the hydrostatic pressure. This can be done inside or out. Look up "WEBAC" on the internet. They have a product called urethane grout injection. They can probably recommend a local contractor to do that work. They drill holes clear through your basement walls around the water line. They inject this urethane grout out into the soil around the pipe. The urethane grout will swell 20X its original volume and seal everything from the pressure created. This stuff works great!
Here's another good source of prevention and possible solutions on
basement waterproofing ideas. They talk about some things you can do to lessen your basement water and also have some ideas on how to fix them. I'd really recommend the urethane grout though. I've seen guys get real good results. Its real "sticky"to and should adhere good to the space between your water line and the basement wall. Good luck!