Yes, but don't do it like this guy. Work with the rubber from the ceiling to the floor, with each lower piece overlapping. But IMO, this is not the way to stop water penetration. You're still allowing water into the foundation. The foundation on the outside should be trenched and then the rubber panels should be placed on the outside. Allowing a lot of water into the foundation is still going to cause problems down the line. Drylock may work for some to stop seepage, but it won't stop a legitimate problem.
But before that, you have to figure out WHY there's a buildup of water coming in. A lot of times poor grading is to blame, a gutter(s) not draining/catching roof water properly, clay soil, sump pump not functioning...etc