When your basement is damp and you want to waterproof it, the easiest way is to apply waterproofing paint. First, ensure that the wall and any area you are applying paint to is dry, and make sure you have sealed the source of the moisture (condensation from pipes, cracks in the wall, etc.). Next, apply a primer coat to the walls. This helps paint adhere to the wall more effectively and helps you avoid further issues in the future. When applying the actual paint, make sure you paint at least two coats over the primer. Most experts recommend applying a third coat on the wall to ensure effectiveness. Make sure to allow plenty of time for paint to dry between coats.