Texture is usually used only for ceilings because it is qualitatively more difficult to work out minor imperfections on a ceiling (working over your head constantly). But for walls, a little extra effort should do it.
Spray-on texture is probably the easiest to do uniformly for an inexperienced person. Home Depot sells spray-on texture with nozzles that apply it in differing textures: from a smoother orange peel to a rough "popcorn." You can use aerosol cans (although I would not recommend it in a basement because the fumes from the propellant are excessive) or a air-hose sprayer. They also sell pump sprayers.
Roll-on texture is sometimes tough to do because the edge-marks of the roller are difficult to avoid. Spraying also is faster than rolling.
[This message has been edited by Lawrence (edited February 19, 2003).]