So as previously mentioned, our budget for this project was tight. I had gotten a couple of quotes on refinishing the basement (all came in over $10k) and knew for a fact that whatever we decided to do as a temporary measure would eventually have to come out. With that in mind, I wanted something quick and easy that also looked good. We took assessment of what we had available and realized that we had a decent pile of drywall so we could fix the stair/wall situation. But the ceiling? I didn't want to drywall the ceiling - with our new potlights and pipes, I knew that mudding would take forever and I wanted a Quick, Easy Solution. So I turned to the net for alternatives.
I discovered some crafty home owners that had used bamboo for a distinct look - I liked this idea a lot but with no real source here in Ottawa, I thought it would be too costly. Then I noticed fabric ceilings - upholstered ceilings and thought to myself - now I can do that! I've tried my hand at upholstery and knew that what it would take was a sturdy fabric and some patience with a staple gun.
The fabric I settled on was the cheapest I could find - canvas drop clothes from Home Depot. Total cost? Less than $80. So we went to work...I ironed as we went along, held it in place while the hub stapled. Here is a shot of us getting started:

Starting off was a bit annoying, our stapler really requires a strong wrist. ;) Important trick to note - so that the staples wouldn't rip through the fabric, we pinned it up with small squares of card stock. I used left over cards from my days in language training. ha!

Looking at the pictures, it's easy to get the impression that it took us little or no time. It did take us time - with our odd shaped room, we had to use two sheets. The first one went up in a couple of hours - then we got doing other things and left it for a while. In this picture, the first sheet is up and you can see the strips of card stock hanging down. I went back after and ripped off the excess.

The crazy part about all of this is how effective it was in hiding our pipes and wires - the end result is a relatively smooth ceiling that actually gained us two inches in height. If you look close, you can see a border around the whole room between where the existing wall ended and the ceiling started - we ended up trimming that out to hide it.