What is that white stuff growing in my basement... looks like noodles?

Yes you have a serious mold growing in your basement. Do not do anything else in your basement without a respirator. If you have a central heating unit (furnace) in your basement it may now be circulating mold spores throughout your home. This is a serious situation that needs immediate attention. Call your insurance company, if your home flooded you may be covered by your insurance company for clean up.