If your basement has water damage, you need to educate yourself about water damage prevention and restoration. You home is the most valuable thing you probably will ever own, so this is critical.
Things left to themselves tend to decay, and this is certainly one of those things. Whatever you do, do not neglect any basement water damage.
The first thing to do is dry it out. You may need to use a basement sump pump to get started. A good humidifier and vent fan can really help as well.
Next, find out just how the water is entering the house and do whatever it takes to stop it. In some cases, the ground must be re-graded to enable water to drain away from the structure.
Another common solution is to install French drains around the perimeter of the house, This is not an expensive option and can be a good DIY restoration project.
Randy Hough writes about DIY restoration and basement water damage at http://www.fixyourwaterdamage.com/
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