Each has one hour prep and know each other's powers. They have their standard gear. Fight takes place in Dakota city.
Spider-Man wins since he has prep and knows Static's powers. He is smarter than Static.
This ... since its true ... and fighting villains with electric powers is nothing new to spiderman ... aka electro / shocker.
Spiderman has waaaaaaaay better resources than Static, sadly.
However after finding respect for Static as a worthy trash talker, they both go out for pizza.
@Nefarious: I fully concede that Spiderman wins, but Static isn't Electro, his powers are electromagnetic, and he only had a water weakness in the cartoon.