what do you already have as a ceiling? depends on height if you want to drape or go flat. Is your basement dry? where is the plumbing located? You want to avoid moisture because of mold factor. if you have a drop ceiling, just wrap the tiles in fabric and pop them back into the slots. Use as thin of a fabric as you can so they fit back down. you can make a "coffered" ceiling look by stapling/gluing the fabric to existing ceiling and then take stained or painted furring strips to make squares. Paint may be a better option.
Theresa: maybe this will help
Before you decide to do this, you'll need to check your local building code. In some areas it's not allowed due to the flammability of fabric. Having said that, you can staple it to the rafters or if you have drop tiles, you can staple it to the tiles. You'll need to decide if you want it to be smooth or if you want it to hang, then plan from there. Wishing you the best.
It could be glued up like wallpaper, or draped like a circus tent. Saw that on and old HGTV "Trading Spaces" episode.