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I have just started my basement. I've done a coule previous to this so I can probably answer some questions.
I'm going to assume your basement is dry and below grade.
You need to frame before you install the electrical outlets/switches. On the concrete side of the framing I put tar paper, some people use tyvek but it is unnecesary. You don't want your studs up against the 'crete hence the paper barier. Once studs are up run your wiring. Then insulate, vapor barier (very important to get a good tight seal because there is not really any where for moisture to gon if it gets in the wall) and drywall. In areas where there is no plumbing I usually drywall the cieling with 5/8 firegaurd drywall.
Th elcrical panel can go in any time you want it to but it is nice to put it inearly so you know where to run your wires to.
I'm doing mine one room at a time as I am living in the house and the basement is full of crap.
Word on flooring, cork is really nice and soft and warm on the tootsies. It is my choice this time around. Engineered snap together laminates and fake wood are ok too as they float on a soft underlay.
I don't know if that was any help but I'll check back to see if youneed more info.
Have fun.
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