Block wall basements are an older technique that without additional materials will not pass energy requirements in many areas, you should ask your local building code enforcer before building anything that will bear the weight of a house.
You will want to dig the basement, lay the floor first (make sure it is even) then you can work on the walls. Four should do it, use cinderblock with mortar to hold them. Use waterproofing caulk on the exterior to seal it.
