My ceiling is just dusty as far as I can tell.
My walls were extremely stained from water damage and I concocted my own solution. I sanded the walls with 36 grit sand paper and then scraped all the loose pieces off I could find. Then I rinsed with a rag and some water. Then I applied two coats of Aqualock and at least one coat of latex paint. I applied an extra coat if I could still see the stains. It sucked! I would like to never do that job again but I still have the entire basement to go 
so...yeah. But it was been very successful in terms of keeping moisture out and cob webs down and whatnot. So I supposed it was worth it.
