Has any one ever heard of or used an interior foundation weeping system. I have just heard of it and am wondering if it is cheap fix or good one. thank you

Anytime you attempt to control water on the inside of a building your looking for problems.
Many manufactures and water proofing companies sell magic systems with all kinds of bells and whistles to stop, or control water inside of structures. However if you read their claims to dry up your basement you will not find an honest answer. Many systems control water but do not stop it. Most provide warranties against water intrusion but only for a few feet around where they fixed or installed their systems not the entire floor or wall area.
While many folks accept this method for their homes you will find on this site by many of the folks that write here often, that this is not the way to go. Its only a short term fix and at best as long as the electric is working so is your system. You must ask yourself. When does the power go out? Right, during a storm.

Put your hard earned money into a outside water PROOFING system, and do not waste it by allowing the water to enter in the first place then have to pump it back outside again.

You are talking about a water diversion system, which is often only a disposable income diversion system. It can cost many times the cost of waterproofing on the outside, and it still allows water to enter your home, and bring with it possibilities of mold, insects and vermin, and radon gas, and can deteriorate block foundation walls also. Companies who offer such systems will lie and distort in their effort to part you from your money. You will find that they generate many complaints with BBB, and frequently go out of business and re-open under another name, thus leaving their customers with worthless "lifetime" guarantees.

If you have water problems, there is only one place to solve them, and that is outside where they begin. Anything else is a band-aid, not a cure.