I am going to put the Base 2X4 wd,around the entire basement. with and 1" off the wall. What is the proper spacing for the Studs? What is the spec. for the Elec. oulets.

 

You can put the studs either 24" on center, or 16" on center. I recommend the latter. The additional cost is slight and the walls will be firmer and straighter.

There are probably a few hundred electrical requirements. It's kind of hard to cover them all here. Pick up the $6 green paperback "Wiring Simplified" in the electrical aisle at Home Depot. The major electrical codes you should pay attention to are:

(1) Receptacle spacing (within six feet of both edges of each door and no more than ever 12 feet thereafter).

(2) If you will have a bathroom, there are many other codes required. It is usually best to dedicate one 20-amp circuit to the bathroom. The receptacle (usually just one) must be no more than 36" from the rim of the sink, and must be GFCI protected.

(3) Receptacles in any unfinished areas must be GFCI protected.

(4) Code doesn't require it, but it's best to limit yourself to no more than 8 outlets on a 15-amp circuit, or 10 on a 20-amp circuit.

(5) Make sure you use the right wire size (12 gauge for a 20-amp circuit, or 14 gauge for a 15-amp circuit).

(6) Keep the drilled holes at least 1.25" from the edge of studs.

(7) Put a smoke detector in and outside of each bedroom, or at least one smoke detector somewhere if there is no bedroom.

Post back if there was something specific that you had in mind that I missed.