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There are six levels of drywall finish, from 0 to 5, that refer to the amount of work performed during the finishing process.

Level 0: Drywall is hung with no finishing work.

Level 1: Tape is placed over the seams between drywall sheets.

Level 2: A thin layer of mud is applied over the tape and screw holes. This level is common for utility rooms or walls that will be covered.

Level 3: A full coat of mud covers the screw holes and tape, but the surface is not sanded. This is often used in garages.

Level 4: This is the most common finish for visible interior walls. It involves applying two coats of mud over seams and screw holes, with sanding between each coat, creating a smooth surface ready for flat paint.

Level 5: This is a high-end finish for luxury homes. It includes full taping, mudding, and sanding, plus a final skim coat over the entire surface before painting.

Deciding whether to repair or replace drywall can be tricky, but your top considerations should be the extent of the damage and what caused the damage. For instance, if you need to repair a small hole caused by a doorknob that hit the wall, you can safely patch it without a second thought. However, if you have significant drywall damage caused by water damage, it’s best to thoroughly remove the drywall to inspect and repair the pipes behind it before replacing it.

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 your premixed drywall mud is dried out or has begun to set in the bucket, you may be able to revive it by adding warm water and stirring. However, the first and most important step is to scrape off any hard, dried bits of drywall that may have accumulated toward the top of the container and throw them away because they will not easily reconstitute back into the drywall mud mix.