If you are in any sort of cool/cold climate, I'd suggest putting up some EPS or XPS insulation as a continuous (and taped) barrier on the concrete before the studs. This will seriously help prevent moisture vapor from condensing in the cavities. If you do this, don't forget to insulate well in the rim joist bays as well. Then, with the stud wall in place, you're primed to put some insulation in between. We used Roxul (now branded as Rockwool), as it is very moisture tolerant, but you could use either cotton or (ugh) fiberglas. This may not dramatically affect deadening the sound, as drywall is pretty reflective, but your energy bills should be a lot better.
We had excellent results with the above on the walls, and combo of cotton batts in the ceiling with Green Glued drywall topped by fire rated 5/8" drywall (it's heavy!). Does a nice job at cutting down noise from my wife's grand piano up above and our audio system down below. Add some acoustic corner and wall treatments and you should have pretty good results.
- ben
