You have to look at the room / system as a "whole". Don't jump into anything as you may end up wasting your money or having to re-do it later.
If your floor beams / joists are exposed ( unfinished with no ceiling ), THICK fiberglass insulation is your best bet. It is both linear in absorption characteristics and cheap. In plain English, it will absorb bass, midrange and treble frequencies pretty evenly. This is especially true if you can use at least a 6" - 8" layer of it ( your floor joists should be that deep anyhow ). You could / should then cover this in a layer of polyester batting ( acts as a "filter" to the fiberglass and adds more absorption ) and then a layer of burlap dyed to match the walls. If your wife wants to get involved, she can even create designs by sewing or crochetting ( spelling ??? ) colors / patterns into the burlap, kind of like a HUGE ceiling tapestry.
As to using "foam" or acoustic tile type treatments, they will produce an uneven tonal balance due to non-linear absorption characteristics. You'll then have a whole new set of problems to deal with as a side effect.
Outside of that, try and pick up at least one of the two books already mentioned. I'm just getting ready to dive into the Master Handbook of Acoustics myself. You may be able to borrow it from a local library or you can order it from Amazon, Parts Express, etc... Sean
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