Sandhya,
Thanks for the compliments. It's a big deal in this part of the World!
To me it has been worthwhile learning about this. The two books I have are Alton Everest's master Handbook of Acoustics and Floyd Toole's Sound Reproduction. Both very good and they complement each other nicely.
I've been reading a lot over the internet too. Examples: Real Traps website, as well as the other websites mentioned obove on this thread.
As far as your question about fiberglass thickness and how much and placement. It depends!!
Treating some of the first reflection points is important, and for that you can use 2" fibeglass panels of 50 kg/m3 placed against the wall.
For bass absorption you'll be better off with a fair amount of space between the panel and the wall, at least 4" space, and a 4"-thick panel.
Check out Audio Asylum for Jon Risch's panel recepies. same for bass tube traps.
For covering the fiberglass I use polyester batting (cheap insulator used for mild-cold weather jackets).
My way of experimenting has been listening and taking measurements with a Radio Shack SPL meter when changing speaker and listening positions, building 2 large bass tube traps, building 2 3"-thick panels for front wall first reflection points, and building two 4"-thick self-standing panels, and adding a thick wool carpet on the floor first reflection points. I'm now building a larger panel for a specific place where I suspect it will be very beneficial.
This takes time and effort, though, and is oftentimes frustrating. So be aware of it before going in. It pays off, though!!
Sorry for the long post.
Horacio