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As Josh says, you will need to check your local building codes. In most of the US, bedrooms must have another "exit", usually a window of a certain size, in the event of a fire. As a result, many rooms are called "bonus" rooms. A lot of them get used for bedrooms, and that in and of itself, is not illegal. But you can't sell it while calling that room a bedroom.
In my house, both bathrooms have no windows. If you already have a basement, you can almost certainly remodel it, and add a theater. Just don't try and call it a bedroom when you sell.
--Chris Everett
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