Waterproofing requires exterior excavation to the footer, or the bottom of the foundation.

Note:  Regardless of your circumstances, whether you are experiencing 

seepage or dampness, through the walls or floor, waterproofing will always solve your problem.  If anyone suggests otherwise, they

are attempting to sell you an interior water control system.

Integrity Waterproofing has improved the waterproofing process.

Exterior waterproofing entails digging to the footer, replacing footer tiles and 

downspout lines, and sealing the walls.  The important difference is in the materials 

used to waterproof the walls.  Most companies are using the same sealant that 

was being used twenty years ago, tar. Tar is not waterproofing, it is dampproofing. Tar

can not expand and bridge future cracking.  Very quickly tar loses it's elasticity and cracks.  With the seal compromised, the whole process of dampness, leading to cracking, leading to water begins a new.

http://www.askthebuilder.com/NH058_-_Waterproofing_Foundations.shtml 

The Integrity Process:

If you are going to go to the expense of having your foundation excavated, give yourself

the peace of mind that comes from using the very best materials available. There remains

a very noticable difference in moisture levels in a home that has been waterproofed

with the Integrity process, compared to a home that has been damproofed with tar and plastic.

http://www.gmxco.com/PDFs/PolymerModifiedArticle.pdf

Note:  Some companies may propose a shallow outside drainage system, typically half-way down your wall.  While in theory this may sound like a good idea to eliminate surface water, unless the grade level slopes toward your home, surface water is probably not your problem.  Water travels horizontally in the soil through cappilaries.  The lower you dig the more water you will encounter.  If you dig a hole six feet deep in saturated soil, you generally will not hit water.  However you will see the hole collect water from the sides, with the majority entering toward the bottom.  The most important foot of any waterproofing job,  is the foot that gets you lower than the basement floor.  This is where the ground water will collect.  If your drainage system is not able to keep up, the water rises higher than the floor creating hydrostatic pressure, and finding its way into your basement.  This is the reason that a water control system, or interior work, is still necessary with the shallow drain approach.