Not even CLOSE - the only thing that will stop sound is MASS - stuff like MDF, particle board, gypsum wallboard - for decent isolation, you want two separate leaves of mass (2 layers of drywall on one side of a frame = one leaf - 1 layer of drywall on EACH side of a frame = 2 leaves. 2 layers of drywall on EACH side of a frame = 2 leaves, each of which is 2 layers. This level is starting to actually REDUCE the sound enough to work with; even better - staggered stud frames, with two layers of drywall each side of the frame. Even better than that - two SEPARATE frames, each with 2 layers of drywall on only ONE side of each frame, with a wide air gap that's filled with insulation.
Just insulation by itself won't keep ANY sound from getting in or out - it only SOUNDS like it because it cuts the high frequencies a bit, so it sounds "muffled". But insulation DOES help a mass-air-mass partition (described above) get better isolation.
Hope that helps - BTW, if you want your booth to sound better inside after it's built, you should use INSIDE dimensions that are odd #'s of feet; for example, 3,5,7 are better dim's than 4,6,8; and 5,7,9 are better dimensions than 6,8,10. The odd numbers just make the room modes interleave better, so there's less treatment necessary for the room to sound good... Steve