Alright, let's get started. Unfinished basement huh, yeah you want HID, High Intensity Discharge. Metal Halide for vegging plants, and High Pressure Sodium for flowering. I'm not 100% sure of your experience, so we'll start with lights, and move from there. You could also work with some LED's, but the start up costs are quite a bit more than HID, so that's where we'll start HID. You'll need to decide if you want an older magnetic ballast(cheaper, and they last forever) or go with a digital ballast. The latter won't last as long, but they dim, meaning you can change the wattage, and a digital ballast will run both metal halide bulbs, and high pressure sodium. Usually a magnetic ballast will run one or the other, but there are some that switch(more expensive). Metal Halide bulbs put off colors that are more blue, and a lot like summer or spring light. They are used for vegging your plants, a light schedule that has to be more than 12 hours a day, usually 18/6 or some crap. Now high pressure sodium is used for flowering, and is more like fall sun which is more red, and runs on a 12/12 schedule.
I have a 600 watt Lumatek digital ballast with a SunlightSupply Blockbuster hood. Although there are lots of different brands out there. I can say, I've never had a single problem out of my ballast though, I love my Lumatek. SunlightSupply hoods are really top notch too, built like they're made for the military. Again, there are lots of different brands out there, some better than others.
Soil kind of depends on what you can get around where you live. Some states have some weird agricultural laws. I assume you can get yourself some FoxFarm ocean forest, or something similar. I know a fella (Prosperian) that just puts that into a tub, and puts water, and molasses in it, and cooks it to great success. We'll get to soil cooking, but I'm just saying you don't have to spend a ton to get a nice return. I can give you a list of cheap dry fertilizers that are worth putting in as well. Do you know anything about mycorrhizae, it's a soil gardeners best friend.
This should get you started, but if you have any more direct questions fire away. One thing that will save you alot of money is reading other peoples mistakes. I spent hours upon hours scouring this forum for every bit of information I could pull out of it. GageGreen.org has a great forum too, extremely great group of guys.
Myco