It is possible to waterproof the basement walls?

You don't water proof the wood. The basement walls are made of concrete or concrete block - a porous material. That concrete can be sealed before you stud and cover the walls with wood. On the exterior, the dirt is dug away from the basement walls, then the areas of those walls that will be underground are first covered in a special plastic then tar is applied and the dirt is pushed back up against the foundation. The dirt should be graded away from the house so that water is directed away from the foundation and not toward it.