MD, thanks for stepping in. I wish I had gotten your input before I did my ceiling. I couldn't find acoustical caulk anywhere. I think Homosote is a brand of "sound-deadening board is 1/2"x4'x8'fibrous material" correct? It was the only thing I could find. I was worried about creating a thermal barrier between my basement and upstairs. I guess it wouldn't have been a problem, eh?
One thing I'm curious about is if you took a look at the Building Science pdf about basement insulation. They come out against fiberglass insulation for outside basement walls. (http://www.buildingscience.com/resources/foundations/basement_insulation_systems.pdf) Just wanted your thoughts.
Oh and one useful bit I can still add is that when hanging the drywall on the ceiling go to a local tool rental (Home Depot worked for me) and rent a special contraption that helps lift and hold the drywall in place (forget the name). It is a true blessing and the ONLY way to go!
