(Ron is using CAPS to be emphatic, or he just wants to get my attention, which he has. ;-) )
Anyway, there are a couple of old posts I can refer you to. One is Water in my basement which a 'few' of us, me included, go into some length about what you can do to eliminate the obvious water issues. The next link, Introduction to Landscaping will lead you through more of the obvious. Should you go through with building a french drain, be sure to use Filter Fabric where there are references to Landscape Fabric. They're different, and Filter Fabric is what you want.
Ron is right. Cement-based wall sealer won't stop a steady flow of water. It's designed to keep out dampness; NOT relatively large amounts of water. So take a look outside first and fix the landscaping first, along with the downspouts and gutters. If you're in a worst-case scenario where you can't divert the water away from the foundation, well, you're in trouble.