Originally posted by bpape:
Forget the drywall - it's worthless.
Hey bpape, I think you meant to say forget the styrofoam, right???
I agree that what you are describing will not provide much in the way of "soundproofing" which requires very specific construction techniques and LOTS of mass (as bpape states).
However, many of us don't have the budget for this type of construction, and there are ways to improve the situation.
What I would do is get a bunch of drywall, cut it into 16" strips, and install at least 3 layers between the ceiling/floor joists over your head. Then stuff the remaining space with rockwool or acoustic cotton or fiberglass, and cover your ceiling with cloth. That will improve your isolation situation dramatically, though it still won't provide complete iso.
If you have the budget/carpentry skills to build the room-within-room construction, then do that. You might want to check out Rod Gervais' book....