Is my room going to suck


I am looking for any advise for the room I am being banished to. Planning on doing this within the next couple of weekends. Currently I have an not ideal setup as I have a 7 month old that goes to bed at 7:00 and and our living room is open to the stairway and her room is right at the top. The other room is descent at around 16x22 but speakers and equipment would be in front of the fireplace so wife says no go. 
My best option is to move into the basement and rig it out best I can. Room is 15Lx8.5Wx10H with concrete floor and side walls. Just looking for suggestions on best way to wrangle the best sound out of here as possible. 
Thanks
mofojo
Suck is a bad word!!
What??? Off the bat, I can think of a 1000 good connotations for the word.
Just make sure you also have a good set of headphones/amp for when you need to really "rock out" and everyone else needs quiet time.
got the descent headphone amp thing goin but can't really get into it unless I'm at work. I have 3 sets of good speakers that I am going to try out down there, winner take all. Losers get sold. No more purchases for a while. ;-)
I agree with the long wall/near field, a rug...Room sounds 'live', although that can a positive with some speakers.  I'm a big fan of active eq and 'going flat' in spaces like yours.  Your sub will definitely 'rule the room', so keep it leashed. ;)  Some restrained treatments would help, but those are always long term experiments....

May as well make it 'kewl' to look at, since it sounds already like a retreat. ;)   As with the 'newbie' about, I'd be surprised if you couldn't use one....*G*

Both of you. *L*
I also have a small child 17mnth daughter ( my world ) and my listening room is directly below her and our ht room is right next to hers .so i get it 8 pm its pretty much over . Many years ago i had a basement setup similar size . I had some treatments like heavy curtains i did put a large remanant carpet on the floor . I had maggie mg2 a sunfire and cj tubes from a linn lp12 maggie arm . It sounded great for what it was . The basement will buffer alot of the sound throughout the house . Look at it like i do , you still have a space ! and you have a little one too . Although i cringe when she runs for my wharfdales in my ht room lol .. Noo finger pokes !!