I also like the look of the stone in this link- I want to use my reclaimed wood in some way but would be open to mixing in some stone as well. An electric fireplace may be an option but I don't want to tie myself to that for sure.

My suggestion would be to panel the wall behind the tv with the reclaimed wood. The oak cabinet looks a bit lonely there, adding the reclaimed wood will make it feel warmer.

which doorway/ where is the entrance to the room? And is that the 2nd window behind the tall plant next to the couch?

If you like the look of reclaimed wood, there is a great and creative way to use the aesthetic in your space by incorporating a textured wall covering;
http://www.primewalls.com/products_residential/viewsku/673
http://www.primewalls.com/products_residential/viewsku/687
These will add tone and texture to your space, create contrast and tonal range with the elements you already have, and bring the space together with an elegant natrual essence!
They would also look great if you used dark or light reclaimed wood accent pieces in the space, you can certainly get creative.

Prime walls.

Since the room is so long, a room divider would be a great way to showcase that wood. It wouldn't have to go up to the ceiling-could even serve another purpose such as a snack area on the billiard side. Hope this is helpful. Good Luck!
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You appear to have a built-in ledge/wainscot running the length of the room. I think that might be a good place to use the reclaimed wood. Can't tell where the entry to the space is. That might also influence where you put the wood. It would make a wonderful backdrop for a ventless, wall hung fireplace, and would look great behind the TV. In fact, I'd use some of it to make a shelf for the TV instead of your cut down oak piece. If you panel that wall with it, have the wiring for the TV run in an accessible way behind the paneling, and simply hang the TV on the wall. Another thought would be to use it as flooring, but it would have to be planed and there might be some waste. It might be fun just to floor a big square under the pool table, like a rug, but wood. At any rate, I would not use it on a wall with doors - you want the effect to be unbroken. That's why I thought first of the wainscot. It runs the complete length of the room, so each section - TV or pool area - gets to enjoy the texture and warmth of it. You definitely need classier lighting throughout. I would suggest semi-flush drum shade fixtures and a hanging drum shade fixture for the pool table. Fabric roman blinds would be nice on the windows. I wouldn't worry about the paint color until you get the wood installed. It has color that will influence where you go with paint. Also, new lighting will influence where you want to take the color choices.

The entrance to our room is to the left of the oak entertainment stand- there is no door, just an 8' wide opening at the bottom of the stairs.

To answer a previous question: Yes, the long wall does have a ledge that runs the length of the room (the darker colored paint).

Additional photos of our basement room; showing the main entry in a more clear fashion. All suggestions are welcomed. Thanks!

Love your stairwell! The wood is beautiful!

I like Natalie's idea of building a room divider with the wood. You could have an open fireplace built into the middle of it to show from both sides. If you did this I would rearrange the furniture. Maybe switching the billiard table area and the tv area to opposite ends of where they are now. Mount the tv to the wall to the right of the window in the "now" billiard area, have one couch facing that and the window. Move the other couch to the wall where pool sticks are now. It would be facing fireplace and wooden divider wall.