How can I give my 70's paneled basement an updated look?

http://homeguides.sfgate.com/techniques-painting-brick-fireplaces-44238.html

Yes, you can paint the whole thing! Be sure to use a good primer before you apply paint to the paneling, then use a good quality paint on those walls. Now, for that fireplace...people are painting them, putting tile over the brick, even putting drywall over some areas with tile near the opening. So browse magazines or the internet and find a style that suits you and go for it. You can do a remodel your basement for about any budget! (if you paint that fireplace, be sure to clean it really well.)

The brick and paneling can both be painted .

Fill in the grooves in the paneling with wood putty and sand. Wipe clean and prime. Paint to your hearts desire.

The following link will help you with the fireplace .

http://www.bhg.com/decorating/fireplace/styles/how-to-paint-a-brick-fireplace/

You can paint paneling. I would fill the grooves in first though so it doesn't look like paneling. Good luck with it.

De-gloss and paint over it or de-gloss and wall paper over it. Fill in the cracks with a putty. Sand lightly to make smooth.

Yes! Paint all surfaces a bright, neutral color. That will help so much.

The easiest would be to paint the paneling a light gray or beige with white trim. Install hardwood or lament on the floor for an inexpensive update.

I would paint it a bright white. be sure the windows, however small, are not blocked so u have as much natural light as possible. You could also put up some mirrors opposite the windows to reflect the natural light.

Thanks for all the great ideas and we will probably do a paint makeover! Going to make it a winter project!