Hi, Jen. Let me comment on a couple of points. First, and most important, it is illegal, unsafe and dangerous to use a basement room as a bedroom unless it has an egress window. And, normally, egress windows are expensive and difficult to install.
Second, the 2 worst parts of putting drywall in a basement are usually getting the drywall into the basement and sanding the filler. I don't know what your local requirements are, but you may have to have a building permit and you probably will have to meet a building code. This means things like having electric outlets every 6 feet around the walls. Your first call might be to your local building inspector. Was your house inspected by your local government inspector when you bought it? You might start by asking him to check the wiring before it gets covered in drywall. The rest of the drywalling is easy. There are some good television shows on how to do things like this. Check them out or get a book.