I believe it is a programming language! I've not heard of WATCOM basic - if it is a Windows program then you could try running it under Wine, but you won't be able to compile your programs as Linux programs. If you want Linux native Basic programming solutions, then check out XBasic, KBasic, I think Gnome offer a basic too. I do not know if any are compatible with Watcom, but if you're into basic programming then it shouldn't be too hard to port them.
If you want to go a little step further, Delphi is very well supported - Borland rewrote the Delphi system for Linux and called it Kylix.
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