This is a perfect combo of my two favorite ideas for that space under the stairs leading to the basement. A reading nook AND book storage and shelves . assuming that there is enough space for this there.
Don't go the trial-and-error route (that'll just leave your wall full of random holes). Use kraft paper to map out where each frame should go before you even pull out the hammer. Get the tutorial at Momtastic » - GoodHousekeeping.com