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Frame the walls. Then run electric and plumbing. I do suggest a wet bar/kitchen area with refrigerator.
Add insulation and vapor barrier, then hang the drywall. After mudding, sanding, and painting the drywall, you are ready to hang the ceiling. Then you can also do the trim work. Carpet is last.
Materials - I strongly suggest using steel studs. I used them in my basement. They are great. They go up fast and easy. If you mess up its easy to correct. There are some tricks that I'd be happy to share with you if you go that route.