Hiya!
I just finished building a studio and it was a lot more than I really expected (materials and work-wise), but the effort really paid-off. However, this was basically new constuction in a previously-unfinished basement. Unless your townhouse is has an unfinished area in which to build (and you're good with carpentry, etc., and have extra $$ to make it right) there's only so much you can do. One thing that would help, and would not put unsightly carpet, eggcrates, etc on the wall (and would probably make Mom happier) would be to do a double layer of drywall with an acoustic dampener in-between. It would increase your STC rating, but by how much? That, at least, could be painted to match the room. Carpet, etc, will mostly deaden the room to your ears, but I doubt will do much to isolate it from your neighbors.
In my application, I did the room-within-a-room thing, with double layers of insulation, and the acoustic dampening/drywall sandwich. I can crank-up my 150W amps in stereo and my wife can sleep just one floor up. Bass from Subwoofers tend to bleed a little, so I've created foam risers for everything that could transmit vibration to the rest of the house.
I looked into several options, all of which were pricey, for the drywall/dampener sandwich. One option is SheetBlok from Auralex (
www.auralex.com). The other was NK-311 from QuietSolutiion (
www.quietsolution.com). I chose the latter because of ease of use and no neccesity for other products (like Resilient Channel) that increased the cost. Plus, it was 'cheaper' to begin with. Both sites have demos of what their products can do and the STC rating they provide. Auralex has a page called "Bothering Your Neighbors" that speaks to your issue directly (
http://www.auralexuniversity.com/NeighborsReal.html). It's got an excellent example of what each STC rating means in real-world isolation of rock music. Check Out their link (
www.acoustics101.com). It's a great overview of how to best build what you're attempting.
Hope this helps,
CraigarS