Since it is a darker room than the upstairs, definitely look in the yellow category for the walls. You could do a primary color theme, with blue and red accents. The floor I would choose a blue/grey, in a medium tone, that will bring out the flecks.

Sorry, I don't have kids so no pics of playrooms, but children respond very positively to primary colors, especially at the age yours are.

We did a basement playroom in our last house and chose to paint the walls a soothing sky blue and sponged in fluffy white clouds. It was very cheery and the kids loved it. I think playrooms are a great place to do something FUN!

I think a light apple green would look fabulous with red as an accent. Fun, cheerful and certainly gender neutral.

How about starting with a selection of fun artworks that would appeal to your kids? Perhaps some bright fun posters -- on some giant bulletin boards where the kids could pin up their own artworks?

Then you could even do the walls in a warm white -- and then add stripes or squares of different colors along with some of the bright happy artworks! Plenty of additional lighting with lamps (standing etc.)

You could add brightly colored bookshelves with baskets -- and plastic bins to hold "stuff" plus a media center with big happy cushions to sit on. Maybe an old wood table and chairs (check your local Craigs List) for snacks and an art center?

Perhaps a bright area rug? Or even those carpet squares?

Here is a link that might be useful: art.com -- children artworks

We painted our basement playroom years ago, and at that time we painted it yellow. Well... too much yellow, for me. So when we painted it during a renovation, I chose BM Soft Fern for the walls. It's a really nice pale green. I agree with amysrq that a green would be great with red accents. I also just painted my office BM Pale Sea Mist, which I love. Here's a pic of the color.

Thanks so much everyone! I really appreciate all your suggestions. I guess my downfall is that I'm a 'researcher' - I have to see ALL my options out there before I make a decision. Definitely no impulse buys for me - ha! But then of course, it drives dh bonkers because it takes me FOREVER to make up my mind! :)

I was actually thinking of a warm cream or light yellow. Dh really wants to paint the floor sage green (which I don't really love, but I rarely let him have his way - haha). So do you think a pale yellow would look ok with a sage green floor? Does anyone have examples or pics of a nice soft yellow (I don't want anything TOO yellow).

teacats, I love your art idea! I do really like some of those animal prints or we might even try to paint some ourselves. I was definitely thinking of having dh build a bookcase w/ colorful bins for storage, then I also want to have an arts/crafts area (with a dry erase wall to write on) then also a kitchen/baby doll area, reading nook w/chairs, sports area w/balls & bikes, and then a dress up area too. My problem is I have so many ideas - I just have trouble executing them all!

Does anyone know of any cute kids rugs (bright stripes or some type of motif) for under $200? Thanks again for all your help!

For the softest yellow (which would look wonderful with green floors!) -- look at creamy colors. Think of the color of real cream -- because of the butterfat content -- it has a pale yellow tinge.

Check out the Benjamin Moore website -- look for the Personal Color Visualizer -- click on "Paint Now" -- choose a virtual room and try out some colors!

Here is a link that might be useful: rug from Overstock.com

Yellow tends to build up in intensity, so teacats is right....just look for a warm, creamy white. I would go get sample pots so you can try the paint in your room, with your light conditions. Whatever floor color you decide on, it will influence the walls, so you better pick that color first or work on the two in conjunction.

Thanks again teacats and amysrq :) I'm getting down to the wire as dh wants to paint this weekend (yikes!). I've already got lots of paint samples here - just need to narrow things down and then maybe get some samples. Now if my kids would just cooperate and give me a few hours of quiet time so I can think! I'll try to post again when I have a few selected.

Teacats - thanks for that rug idea! I actually saw a similar striped version on Smart Bargains. I think I might actually like the one you picked better though. So many decisions and I'm such an indecisive person! :)

There was a playroom thread on here a few weeks ago with several photos. I'm linking to it in case its helpful.

Here is a link that might be useful: playrooms