Unfortunately he won't likely be able to tie the string to the drill bit if he's running the wire through the height of a typical 8 foot tall wall. Which is what Matt needs to do if the basement wall is finished and he wants to run the wires down to the floor. The longest bit is 6 feet and there's going to be at least a couple of feet sticking out of the wall up top, so that puts the bit tip no more than 4 feet down into the wall cavity. You may also have to make 2 or 3 holes depending on how much wire you want to run and the gauge of that wire.

But you can improvise a fish tape with some stiff wire (metal coat hanger style, though a normal coat hanger also won't make the distance).

A fish tape is also invaluable if trying to go across a finished ceiling without making a ton of holes in the drywall/plaster. You can pull a string with the tape and then use the string to pull the wires and a new string (which you'd leave there as Bitt recommended).

Before drilling anything you should know where the drill bit (and holes) will end up. If the basement was unfinished you could drill up from the bottom into the wall cavity on the floor above. The way I understood what was written however, I take it the space is finished.

The most unfortunate aspect of this is that while it's relatively easy to run wire and to describe methods or techniques to run wire, it's virtually impossible to make recommendations on the best techniques or route without seeing the house, pictures or really good descriptions of the room/floor layouts. That's the huge benefit you get with a professional. They'll look at the place and should know relatively quickly exactly what they're gong to do.

If you're good at drywall application and plastering, you can always cut out a small panel to give yourself some working room. Then you can get away with using a normal drill bit as you can put the whole drill into the wall cavity. Use a hole saw to make a 1-2" hole and you can just drop the wires down and then pull them yourself from an outlet sized hole in the drywall below (again, assuming walls that line up on both floors).

I've actually been doing some wire running recently and will be doing some more in the next week. Network and 120v power lines. The new lines are for special outlets that will be connected to a UPS at all times. Two story home, dropping from attic to 2nd floor and from 1st floor to basement. Runs from the attic to basement go through a conduit which runs the height of the house, which was a great option to have installed when the house was built.