In our last house that was what our plan was. We put up the drywall and laid carpet. Then I bought an air hockey table, had a couch with a tv and a playstation. The kids loved it down there, but they also trashed it! They would wrestle and throw the football~ made for a big mess...they were also alot younger then.
Now that they are teens they are better. Our new house doesn't have a finished basement yet. We put down area rugs. The basement now has a ping pong table in one area. Wrestling mats and an exercise bike in another area. TV, chair , couch in another area, an art center for my daughter in another area and storage in the back. It could be alot nicer, but after our last experience we are leary to put alot of money into it.