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Your best bet (as has been stated) is to use either cork, or sound-proofing insulation.
If you really want to go loud, use both...
As for bass (heavy pounding trance bass) there isn't much you can do. It will travel through whatever you use, unless you make the insulation like a meter thick.. 
And don't forget to put the insulation in the ceiling as well as the walls... 
If you don't care about athstetics, put the soundproofing insulation in, (with plastic sheeting), then put up some drywall, then cover the drywall with cork.
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