If you are trying to make your content and sidebar stretch the entire height of the page, then no amount of setting a height is really going to help. If you use 100%, your going to push your fotter off the bottom of the page so you have to scroll to see it. There is a single method that I know of that will allow you to have a full-height body with a footer: Sticky Footer
Check the following site for details: http://www.cssstickyfooter.com/
Another trick you will probably need. It is near impossible to get two columns to have equal height and support all browsers. The simplest way to get your gray column to the left and white center body to stretch all the way to the footer is to use a 1-pixel hight image that has gray and white in the proper proportions, which is background-repeated along the y axis.
Another great site for CSS knowledge is A List Apart.