There is no such thing as "water proofing." It's a fantasy. There's water management. Your basement is not a boat. Tar on the exterior is damp proofing only. You also cannot keep water out by applying any product on the inside of the walls. You need to manage water on the exterior of the home. You do that by correct grading around the home. The grade should have at least a slight fall away from the foundation. Rain gutter and down spouts are critical. Gutters must be kept clean and down spouts extended somewhere away from the home. If you have a sump pump, the discharge pipe must extend away from the home. I can't tell you how many homes I see with a sump discharge pipe dumping right at the foundation. That water soaks back into the ground and ends up where? Right back in the drain tile and sump system.
By the way, none of this applies to Smittys home.
When I redone my house,I had 6" of standing water in the new section of the basement before pouring the floor.I snaped a level line around the walls the installed a perimeter drain and then exited under the footer and out back yard. In 2 days all the water was gone.The on the exterior I dug all around the house to the footers,pressure washed the wall then tared, installed exterior perimeter drain.3' of crushed stone then back filled.Then changed the grades and made swails to keep water away.
My basement wasn't as bad as Smitty's basement. When it rained I had water squirting 3 ' onto the floor and I had frogs also.
The most important thing is to keep the water away from the house,you can't keep water out by just painting.