Floating above Spidey is the official Marvel time travelling machine: Doctor Doom's Time Platform. I'm not kidding, ever since its appearance in Fantastic Four no. 4 this time machine has been in use in one story or another. The Thing even used it with Captain America to help the Guardians of the Galaxy in the future. Age of Ultron uses this machine. And now Spider-Man has also used it in the pages of Marvel Team-Up. Spider-Man went to the past in that story but there is mention of trips to the future and adventures with Deathlok and Killraven. DC also has an official time machine: the Flash's Temporal Treadmill.
So Peter Parker is back in New York and trying to catch up on his studies.
I notice that Peter hardly has anything by way of furniture. Time to talk to Luke Cage about how to set up a "hero for hire" gig Peter. Anyway, the Basilisk (and the Thing) announce their arrival via an earthquake. The big deal here is that New York doesn't have earthquakes. Underneath, the Big Apple is solid granite, that's why it's possible to build all those tall skyscrapers. In any case, something's up and Peter investigates and sees this.
Basilisk may not be a first tier villain but he's pretty powerful if he can do this. A closer look has Spider-man seeing this:
Okay, what's going on here? Why is the Thing knocked out? It turns out that the Basilisk - much like Nightcrawler - has the kind of teleportation powers that strain any would-be "passengers".
The Thing is out of it, so Spider-Man launches into action and . . .
We are informed that the rest of the story is to be found outside of the bounds of Marvel Two-In-One and in the pages of Marvel Team-Up. Oh well.