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I noticed some cracks in my basement wall that are bulging out.

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Also, there are some patches and a vertical line near the corner where the material (I think it's plaster over the cement) is chipping off.

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Outside, the foundation wall seems to be okay aside from some gaps in the caulking between the foundation wall and the cement walkway above the corner where the vertical crack is.

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I don't really care about the cosmetic cracking, but should these examples be a cause for greater concern? I'm guessing I should repair that caulking job outside, but what, if any, further action should I take?

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It looks like moisture under the skim coat has caused it to separate. To repair chip off the loose material and add a new skim coat and repaint. If you have a drainage problem this may continue to happen over time as the moisture working its way through the wall is the problem. Make sure all gutters drain away from the foundation. If you have a sump pump try to keep the water level low so the water has a tougher time making it in.

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