Each has one hour prep and know each other's powers. They have their standard gear. Fight takes place in Dakota city.
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.