Nut,
Bruce is absolutely right, but just so you don't feel totally left out in the cold, I'll opine the three basic principles behind decent sound proofing and leave it to you to see if you can come up with creative, cheap ways of implementing them:
Mass: No I don't mean going to chuch and praying for soundproofing

. I mean mass as in heft. In general, the more mass (the heavier the wall) you put between the sound source and the ears, the more sound will be blocked.
Air gapping: Get some air between a couple of non-connected or damp-connected blocking masses and your isolation will go up. This is very analogous to thermal insulation where double-pane glass insulates much better than single-pane, even if the single pane glass is much thicker. But just like thermal insulation - even more so, in fact - in sound insulation any connections between the two surfaces will act to carry the sound across the gap, greatly negating the effectiveness of the air gap barrier.
Rigitidy: Nothing to do with Levitra. This rigitidy deals with making sure that all hard connections in the barrier wall are solid and will tend to not vibrate when hit with sound. For an extremely simple example a rattling window will be louder on the outside than one that is pretty solid. The same principle applies to all structues in the sound barrier, though.
Any scheme you can come up with that helps acomplish those three basic principles can help you. And there are ways to do it "on the cheap" with existing rooms and common building materials from Home Depot. These ways will be far from professional grade effectiveness and will still cost a few bucks and a few man hours, but there are semi-pro effective levels in between silly egg crates and professional studio design.
One caution, though. The more you insulate your room sonically, the more you insulate it in every other way too. Make sure you have a decent air circulation/ventalation/HVAC system; otherwise a sonically well-insulated room can get real stale and muggy real quick, especially when adding all the electronic recording and amplification gear - no to mention bodies - that are part of a project studio environment.
In my very first studio space (shared with a buddy), we did a pretty good job of making the room much quieter on its outside, except for all the sound leakage out the vents of the home's forced-air heating and cooling system, which we had no control over at the time. But that success in sound isolation also managed to make that room get several degrees warmer than the rest of the house once we put a couple of bodies and a couple of guitar amps in there and fired up all the tape decks and amps. As we had no seperate zone control of the HVAC for that room, it made it not the most comfortable place in the world in which to compose and record music.
G.