There is water coming up around the main drain / clear out in my basement. Can this be fixed?

You probably need to cable the drain line from the clean out out toward the street. A clog or partial clog is impeding water flow. Call local drain or plumbers for estimates. DO NOT PUT chemicals like plumber's acid or Draino down the drain to clear the clog. I have been burned by those chemicals when I cleared a clog and the resident told me afterward,"Oh I put Draino down the drain".

Good Luck

If you have water backing up in your sewer line or in a drain, you'll need to call a good, local sewer & drain company to come over & snake the line. Otherwise, at some point, it will back up more and overflow.