Quoted from ChadTower:
I am finishing mine now entirely myself and my 14 year old son. We didn't know much about how when we started and had to learn nearly everything along the way. We're approaching a year now into the project. Did everything straight from the raw slab like this project. Drylock, framing, wiring, insulation, drywall, subflooring, finish ceiling, lighting design, everything. The knowledge gained for both of us has been a hundred times more valuable than the gameroom we're about to have.
One thing I learned is that the drilok is nice but the real win is an air exchanger. Code in most places with basements require one anyway if you want to call it finished living space. I can't emphasize enough how much better an air exchanger will make a basement gameroom.
This is what we did as well. We did the DryLock, framing, drywall, and floors. I subbed out the electrical because we put in a sub panel, and I just don't mess with electric. A friend is an electrical engineer, so he helped there. the only other thing we had someone else do was the drop ceiling and boxing out the soffits.
Came out really nicely (in my opinion). We know the flaws, but most people don't even notice them. The guy that did the ceiling was warned that the walls were not square, and after his first day said "you weren't kidding!".
We gained alot of experience in our project. I am not ready to build a house, but it's good to know some basics
Plus it gave us time to work together, which we do well.
You can see the project at http://www.flickr.com/photos/91696572@N00/sets/1049931/show/
Sorry to derail the thread NJGecko, carry on