"Trilogy of Terror II" (1996 TV movie)
Except for the basement sacrifice, it sounds a lot like the sequel to "Amelia" in "Trilogy of Terror". Again, the spirit possesses the woman.
Story III: He Who Kills
This segment, about the Zuni fetish doll "He Who Kills", is a sequel to the third segment of the original Trilogy of Terror, "Amelia".
After finding the double homicide of Amelia and her mother from the first movie with the doll at the scene, the local police drop off the doll to local Dr. Simpson (Lysette Anthony). As she begins to examine the doll she learns that the doll comes to life when a gold chain is removed from his neck and that the doll has a desire for flesh. It also seems to regenerate (the idea itself initially laughable to both Dr. Simpson and her assistant) as when she chips away the charred wood, the doll seems to be brand new.
After a quick pizza break, she discovers the doll missing. One of the officers investigates the surrounding museum, only to be shot down by an arrow from one of the exhibits, courtesy of the doll. After minutes of looking, she finds the doll attacking and running towards her with a lab knife as a weapon. Now Dr. Simpson is all alone in a large museum with a tiny killer on the loose. Much like the first movie, Dr. Simpson catches the doll in a brief case, giving her time to try to reach her keys. As the doll cuts through the case, Dr. Simpson tries twice to grab the knife, only to get cut as in the first film. The doll eventually breaks through, meeting the stabbing force of a screwdriver-like object from Dr. Simpson. Making the same mistake as the first movie's protagonist, Dr. Simpson opens the briefcase to be bitten ferociously by the doll. She eventually regains control, and tosses the doll into a large rectangular container of sulfuric acid. As the doll comes to a halt in its motion, Dr. Simpson goes to grab tongs in an attempt to remove the doll, only to be possessed by He Who Kills, the spirit inhabiting the doll. Later on she kills her date with the same axe she tried to use against the doll.
At least it's one more film to mark off the list of possibilities.