Cover the posts in wallpaper. If the posts are wooden, they can be concealed with prepasted wallpaper. Cut the wallpaper to wrap around the post. Dip it into a bucket of water and apply it to the post, pressing down firmly. Continue until the entire post has been wrapped. Make sure you use a repeatable pattern.
Tile over the posts. If the posts are masonry or wood and are square in shape, you can cover them with decorative tile. Ceramic tile comes in many different colors and patterns and can transform these columns into interesting works of art. Cover the surface of the pillar with mortar and texture the mortar with the back of your trowel. Press the tiles in firmly and place grout spacers between them. When you're done with the tile, grout in between them, moving the spacers as you go.
Cover the posts with decorative enclosures. These enclosures are typically used to create decorative columns on porches, but they can also be used in the basement. Purchase enclosures sized to fit your columns. Wrap them around and glue them into place. Place wood vises over the sealed area until the glue has cured, typically 12 to 24 hours.
Paint the columns the same shade as the wall. This will help them fade into the background. Use an oil based paint and make sure you keep the windows and doors in the basement open while you work. Use a paint roller to get a nice, even coat.
Cover the columns in mirrored panels. This has the added benefit of reflecting light, which is ideal for small, dark basements. Use mirror adhesive and coat both the column and the back of the mirror. Press the mirrors firmly into place. Use soft vise wraps to hold the mirrors up until the adhesive cures.