I have a couple quick questions about my basement walls.

My original plan was to paint the concrete basement walls with DryLok
paint or something similar to keep moisture levels down and to
eliminate any possibilites of water leaking in (there's one spot where
there was leakage before, but I haven't noticed any for about a year
now). After painting with DryLok I would insulated all the walls, add
vapour barrier, then add drywall. However, I got thinking ... wouldn't
the DryLok paint and vapour barrier both act as vapour barriers? And
isn't a vapour barrier supposed to be only on the warm side of the
wall? So wouldn't using both cause condensation problems? Actually
wouldn't using the DryLok itself in an insulated wall cause
condensation problems since in effect you have a vapour barrier on the
cold side? Or am I just not understanding this correctly?

Thanks,
Harry