Does the amount of air in a basketball affect its bounce?

No, it doesn't. For example, a Basketball will bounce quite high and retain a large proportion of its original kinetic energy when being used on a concrete or a hard wood floor, such as those used in official NBA matches. However, if you are try to bounce a basketball on water, I would be amazed if you could elicit any response other than it either submerging itself for a brief period of time before returning to the surface of the water, or simply sinking to the bottom in a desultory manner; the outcome would depend on the basketball's density. To be honest, I would have thought this was fairly obvious. Maybe you want to think a little more closely about how you phrase your question next time, to prevent people like me from giving you a pathetic, sarcastic answer such as this. Fool.