Heed Bundy's advice; do not spray *anything* in there
willy-nilly. Whatever you use will create a toxic cloud that
is difficult to deal with. Severe lung disease can result from
working in that atmosphere.
Really? But the lysol spray says "Kills Mold, Mildew" on it. So
its not that safe?

Then take a look at why the moisture is getting in;
that will be a major project in itself.
Im not sure how the mositure is getting in...I've always thought
its a basement, its usually more humid than the rest of the house?
I guess it has to do with it being underground?