Locate studs by tapping across the wall with a hammer.
Snap vertical chalk lines at each stud location, typically every 16 or 24 inches.
Bend flashing over the water table so it extends 1 inch up the wall. Secure the top edge of the flashing at the studs with 4d nails. Overlap the ends of the flashing 3 inches, and seal joints with a paintable synthetic-rubber sealant.
Staple 12-inch builder's felt above the water table so it covers the flashing.
Staple two 2-inch-wide strips over each stud line. This creates a breathing space and provides an escape route for condensation.