There's a product called Drylock that you can paint on your walls that provide a waterproof seal.
http://drylock.com/H2Dry.html
There are some additional measures you should take to ensure your basement stays dry. Make sure that the ground around the outside of your house is sloped away from the foundation. The slope should be atleast 1" for every 4 ft out from the foundation walls. Also ensure your gutters are not leaking and that your downspouts are extended far away from the foundation walls.
If plans are to build a basement bedroom, then codes will require you to have an egress window for escape. Your local codes will dictate the dimensions of this