Dan, I sell self leveling mixes for the tile industry. Stop and see me before you buy, I can probably get you an awesome deal. many of thes are like very fluid cement. You mix them, and they are like wet oatmeal. Pour them on, and tease them accross the floor. The only logistical problem is that most or all have a relatively SHORT work time. So time is of the essence. Mixing normal cement to go the same task is a no no. Since in order to get it to do what you want, you need to over hydrate it. This messes with the chemical reaction that needs to take place. Too much water can make the cement surface BAD, maybe not right away, but weeks or months down the road. There is a special cement for that - Scotts right I won't arm wrestle on that.
That being said, You've been in my basement... there is usually a pitch to basements on pourpose. that front corner ov mo house is the highest cement level... by my shop, but in the front of the house. But this is where the sump is - the lowest drainage under the slab. While, the area near my bathroom is the lowest cement level, and that is where the drain is in the floor.
I thought about leveling my basement... but any, and I mean ANY water on the floor, and it's like it's trained to head to the drain. If you level an area, be prepared for pooling... not nessecarily in the area you leveled, but any area around it...
The easiest wat to level it, is to define your walls, thus puting a dam around the room. temporarily dam any door ways, them MIX like a son of a gun... and pour.... and then get off. The materials we use set to construction traffic in about 12 hours, some less.
I'll let everyone else fill in any holes...
Jason