Personally I love white walls but NOT in basements with little natural white. White walls plenty of natural light to work. If you want a nice neutral that goes with everything and try a warm grey (i.e. a greige) like Benjamin Moore Revere Pewter or Silver Fox. Keep in mind that whatever color you pick will be very impacted by the artificial lighting in your basement.

We have Rest. HW sky blue. Perfect.

I know that yellow can be hard to get right but a nice light buttery yellow looks great in basements. Nothing with yo much green in it. Makes it sunny and cheerful year round.

We went with Timid White in our basement, which also has two small windows and recessed lighting. Carpet is a light blue. It is very bright and a fun space to hang out in, even in the winter or at night.

White will make the dark room feel drab, stark and sterile. I would go with a much warmer, richer color to make it feel cozy. The general idea is to avoid white for basements because there's not much light to be reflected so it will seem drab.

I would use a full spectrum paint such as Ellen Kennon. http://www.ellenkennon.com/fspmain.htm