I recently discovered an inexpensive soundproofing. Take soundboard (mat type material in 4x8 sheets) available at your local homedepot for around 11.00 a sheet, and cut to desired panel size. Wrap in a tight weave twill fabric to seal (soundboard has an earthy odor to it). I put a thin sheet of masonite on the back of the panels to staple the fabric to and protect the corners of the soundboard. You can buy twill tight weave fabric in assorted colors and widths on the internet for about 5 or 6 dollars a yard. You should be able to get about 3 panels per sheet using about a yard of fabric each. Add some masonite and you will be in the 11 or 12 dollar per panel range for a 3x4 panel. You can hang these on the wall, put them in frames if you want to get fancy. I am going to try doing a raised panel treatment on the wall of my hometheater project, using trim and wainscote molding around the fabric covered panels. I figured I could make a few panels out of plywood and the rest out of sound board to have reflective and absorptive treatments where needed in the room.