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Although they have similar applications, spackle and joint compound are not the same. Their primary differences lie in their composition, consistency, and ideal use cases.

Spackle is composed of gypsum and binding agents, making it thicker than joint compound. It dries quickly and is easy to sand, which makes it ideal for small wall repair projects like filling nail holes or patching minor damage.

Joint compound, also known as drywall mud, consists of limestone and gypsum. It is primarily used for large-scale projects, such as taping and finishing the seams on newly installed drywall. It tends to shrink more than spackle and can be more difficult to spread.

While both products can be used to fill small depressions and cracks, spackle cannot replace joint compound for taping and mudding new drywall. Conversely, you can often use joint compound for small patching jobs typically done with spackle.

You should not leave drywall outside, especially overnight or in a wet, humid climate. Exposure to rain and humidity can damage the drywall, weakening its structural integrity and making it susceptible to mold growth. If you must leave drywall outside during a project, be sure to cover it with a tarp or keep it inside a storage shed to protect it. Even drywall intended for exterior projects requires a protective moisture barrier. For best results, store any extra drywall in a dry area away from the elements.

When choosing materials for finishing basement walls, consider factors such as moisture resistance, durability, and fire resistance. Opt for materials specifically designed for basement environments, like moisture-resistant drywall or cement board. Insulation with vapor barriers can help regulate temperature and prevent condensation. Consider using mold-resistant paints or coatings. 

Research and consult with experts to select materials that are suitable for your specific basement conditions and intended use. Prioritize quality and compatibility to achieve long-lasting and aesthetically pleasing results.

If you're comfortable hanging drywall yourself, you may be comfortable finishing it. But it's worth noting that finishing drywall adds several steps to the process and a lot of waiting time. Hiring a drywall installer may be the way to go if you'd rather spend your time doing other things or are nervous about leaving a rough surface.