You should know that basement walls are an integral part of your home and important for supporting the rooms above. Check your basement walls regularly for cracks, and if you spot any or if you notice any moisture coming in, now is the time to fix it before the problem gets any worse. If you notice any bowing inwards of the basement wall you should call a professional immediately before starting any basement remodeling.
Small cracks are to be expected and are something you can easily fix yourself. The concrete construction of basement floors and walls is prone to shrinkage and this places stress on the walls causing cracks. Although there is nothing you can do to stop this shrinkage you can do some basic basement wall repair to fill the cracks as soon as they appear and prevent any water seeping in and causing further damage. To repair small cracks you can purchase the appropriate filler or sealant from your local home improvements store. First scrape away any loose material around the crack. Then push the filler into the crack using a small trowel or filling knife. Remove any excess with a damp sponge, then leave the repair to dry, which may take several hours. Two coats may be necessary but ensure the first is dry before applying the second.
It is most important to wait for the repairs to dry completely and the filler to set hard before you attempt to sand the filler or paint the wall. If you have several cracks to fill and it is taking a long time for the filler to dry you could try putting a fan in the basement to speed it up.
If you often have minor problems with your basement walls you might like to consider installing wall insulation, this will cut down condensation by eliminating cold surfaces and it has the advantage of also reducing your energy bills. On humid summer days make sure your basement door and windows are kept shut to keep the humid air out, but on hot dry days throw the windows, doors and vents open to allow the dry air in. With all of these added hints and tricks you should have a much more comfortable basement from here on in.