Maybe just reading Ethan's articles is best.
Here is the super-condensed version.
there are three things that you may need to be concerned about.
1. Isolation. Can you hear outside noises on your recordings? Cars, birds, the kids playing hoops next door? if so you need isolation. Isolation is accomplished with seals and mass. Ideally two, and only two, layers of mass isolated from each other with a cushioned air gap between.
2. Absorbtion. Does your recordings sound echoey or muddy with excessive bass rumble? That means that you need to add absorbtion. The best homemade absorbtion is done by buying a bale of semi-rigid insulation (Owens Corning 707 or equivalent) with a density of about 3-6 pounds per cubic foot. The panels are then covered in fabric (to keep the irritating fibers off of people) and hung against the wall, ideally with a small air gap between the panel and wall. Use thicker (3 or more inches) panels in the corners to cut bass, thinner panels on the walls to cut highs and mids and reduce 'slap echoes' that occur between parellel surfaces.
3. Cross-bleed. Are the drums showing up on the guitar track and guitar on the vocals and so forth? That is what the gobos are for. Gobo is short for 'go between'. The best homemade gobos have features of both isolation and absorbtion. They are usually a wooden frame with plywood on one side (or in the middle) and then semi-rigid insulation filling the frame one one or both sides. The whole is then covered with fabric so that the itchy fibers don't easily get on people.