We want to move the washer and dryer to the basement directly under the current location. All the plumbing is approx 8ft high in the basement ceiling and drains downward to approx 5ft. Will the washers pump be able to handle the drainage of the water? Or we need to add something to make this happen?

My first house was like this. I bought a straight piece of the drain hose and attached it onto the drain hose that has the hook on it. However, at the joint between these two, I also put in a check-valve (http://www.homedepot.com/h_d1/N-5yc1vZ1xr5/R-100156561/h_d2/ProductDisplay?langId=-1&storeId=10051&catalogId=10053). I wanted to prevent 8 feet of water in the drain from pressing on the washing machine components. I also needed two couplings like these (http://www.jamestowndistributors.com/userportal/show_product.do?pid=647&familyName=Groco+Pipe-to-Hose+Straight+-+Standard+Flow+-+Bronze%2C+NPT), although I believe mine was made of plastic.

I lived in that house for 14 years, and never had any trouble. Your mileage may vary, though.

So, to summarize: Straight hose connects to washer->coupling->check valve->coupling->drain hose with hook->house drain.

Best of luck,
WallyH