I'm a big supporter of learning to becoming a better fan of basketball rather than just a fan of your local team. For one thing it's highly unlikely your local team is going to win a championship anytime soon. Sure they may be competitive and win more than they lose, but history teaches us that half the championships have been won between two teams, the Lakers and the Celtics. And aside from them, teams who win go on a bit of a run. It's a sport where a couple of individuals can dictate who the power houses are.
But the sport of basketball is one of the more fun sports to watch, if you know what to look for. There are games within a game, decent strategy, and sometimes even high paced action.
So how do you become a better fan? I've always advocated, become a coach! Get to know the technique, and learn to scout. As much as I love coaching, I understand not everyone wants to dedicate that kind of time, although I'll say it's amazingly rewarding to work with youth who are aspiring to become the next Jamal Magloire. Forget being a fan, now you can be the LEGO master or Jay Triano.
Where do you start? Well ultimately you can get certified through basketball ontario and join a club, but before you even go there you can start with some of these resources.
1) High Performance Basketball has some great videos of various techniques to teach and look for in players: http://highperformancebasketball.ca/index.php?option=com_seyret&Itemid=196
2) Can't tell the difference between a 2-3 or 3-2? Coache's Clipboard has some drills, and good articles about strategy and the rules: http://coachesclipboard.ca/
3) Mike Makay's blog. Part of Basketball Canada, he's got interesting insights into Team Canada: http://www.basketball.ca/en/hm/blog/?sid=210
4) FIVB has a huge "coaching library" with lots of drills and exercises. But what I do love is the scouting videos that'll teach you exactly what to look for: http://coachinglibrary.fiba.com/
And when you're ready, go to basketball ontario and attend a coaching clinic. http://www.basketball.on.ca/site/index.cfm?DSP=Section&ID=35
Even if you're not ready to take it to the courts yourself, you'll find that watching b-ball will be completely different.