Carlman,
I wouldn't use Neoprene. Closed-cell foams are excellent for treating structure borne resonance (ie. in component platforms) and impact absorption, but you need open-cell foams for airborne absorption.
The opening, depending on its location and the location of your listening position and speakers, may not even be causing a problem. It is probably acting as a suck-out for all frequencies, which may or may not be a good thing. Unless the opening leads into a very reflective room, it is doubtful that there is much re-entering from that room anyway. If you place some sort of temporary barrier across the opening with absorptive foam on it, you are effectively creating a suck-out area (in the mids & highs) much like the opening itself and bass will not even see your barrier. And, you may even be creating a reflective hotspot (if the foam is on the outside of the barrier). If the opening is on the side wall in your speaker/listener setup, you may be better off adding some absorption to the other side wall opposite the opening. This will bring soundstaging and imaging back into balance. If it's the bass that is troubling you, a temporary barrier will do nothing to improve things, you will need to use some bass traps. They can be made cheaply (see Jon Risch's website) but are very effective and can be made to look rather attractive too for WAF.
Hope this helps,
Darren.