Ok, I got some foams in. I glued them to 2x4 peg boards. In an initial test, I put up one board on a side wall (~1 foot from ceiling). Here's the result:
Before the treatment, a clap test (while standing between the speakers) results in reverbs that last seconds. Wow!!! So, all this time, sound waves have been bouncing around between the front side walls. After the treatment: no reverbs AT ALL. Clap, and that's it!
Now, moving closer to the front wall (still standing between the speakers), a clap test still reveals very audible high-frequency "ringing". The ringing has a very metallic sound to it. And I never knew these ringings existed.
I'll wait for the rest of the foams to come in so that I can treat the front wall. Hopefully, the high-frequency ringing will go away. The early result is very encouraging.
Note: since the foams are mounted on peg boards, it's pretty easy to put them up on the wall or take them down. That makes it simple to A/B the before and after effect. Cool!