Finishing Basement

I have a basement which to my knowledge has never flooded. House built in 1975. I moved in May of this year, 2003. I see no signs of water. I would like to finish it slowly, starting with lights and outlets. I live in Michigan so water is always a question. The basement has the poured brick look walls.
My questions are:
1. How often should I put outlets for minimal usage. The room will be long about 15'X40'. I will use one end as a TV/sitting room and the other end as a pool/dart room. Does anyone wish they had more or fewer outlets?
2. How high? Should I put them at normal height or about 4' off the ground in case the storm of the century?
3. Recessed, track or florescent lighting?
4. In what order would you tackle this? I will probably leave the walls and just paint them white. I've seen this in other houses and it looks just fine. I have the ceiling, carpeting, electrical/lighting, and whatever else you all have.
Thanks for any input.

Devildog