One way could be to buy and read a couple of books (ej, Everest's and Floyd's books) to understand what's going on, get an SPL meter from Radio Shack ($60?) and a CD with test tones and start experimenting with home furnishings, comforters, etc to further understand what might work in your room. Then you could either buy or DIY treatments (receipes available at AAsylum, for instance).
I'm going down this path and while it's been a lot of work it is being fun and I'm learning a lot as I go. It's likely the cheapest albeit most time-consuming approach.
My two cents. enjoy!