Measure the height of the ceiling. Deduct the sizes of the column's top cap and bottom base, plus 1/4 inch. Cut a cardboard form to this measurement. The forms are large cardboard tubes traditionally used as molds for pouring concrete. They're sold in different sizes with varying diameters; select the size you want, taking into account the height of your basement, and the fact that a 2-by-4 must fit inside. The forms are inexpensive and easy to cut with a utility knife.
Cut a 2-by-4-inch board to the height of the cardboard form. Center the board inside the tube. Measure the diameter of the cardboard form.
Remove the board from the tube. Cut three small pieces of another board to fit inside the tube. Place one of the small boards on the ground horizontally and line it up with the bottom of the large board. Attach the boards together, using two nails. Nail a second small board even with the top of the large 2-by-4. Nail the third board horizontally across the middle of the large board. The small boards provide an internal structure for the cardboard column, giving you a way to attach the base and cap.
Place your column base at the location where you want to install the column. Column bases are sold at home improvement stores. It looks like a square block of wood with a circular ring cut around the top. It's made of wood or foam products.
Slide the wood framework you built earlier inside the cardboard column. Stand the column on the base and center it. Slide the cardboard upward a few inches. Screw through the bottom wood block into the column base. Space your screws 3 inches apart. Use long wood deck screws.
Place a column ring over the top of the column. A column ring is a wood or foam product sold at home improvement stores. The ring is designed to hide the installation gap at the top of the column.
Place the column cap on the ceiling directly over the column. Column caps are wood or foam products that are designed to look like the top of a column. Many styles are sold at home improvement stores in the trim section. You should have a 1/4-inch gap between the top of the cardboard column and the column cap to allow you to do this.
Lower the cap onto the top of the column and tilt the edges so you can apply construction adhesive along the top surface of the cap. Lift the cap, keeping the cap centered on the column, and press the adhesive into the ceiling.
Insert wood shims between the top of the column's wood frame and the underside of the cap until the cap is pressed tightly to the ceiling by the pressure of the wood shims. Slide the column ring upward over the gap. Apply glue to the inward surface of the ring and press the ring into position. Attach it with finish nails through the face of the ring.