Need advice on how to sound insulate my room

Is it just LOUD? or as usual, the bass vibrations are the real problem?

Well solid mass, or structural stiffening is the best bet to stop bass travelling.
Finding a place to cut a resonance is also a way.
My first suggestion is to get one or two of those braces used to shore up structural defects, a steel tube, with a screw and plates on the ends.. Try them around the perimeter of the room, away from the side walls of the house, and more towards the middle of the whole house in relation to the room below. They might even work outside the room! Crank them up against the floor. see if it helps.. Having one or two of those in the corners would be way easier than a LOT of other bass stopping tricks.
Anyway, that is my suggestion. Stop the floor from resonating.. If you find the right spot, maybe you can create some estetically pleasing cover for the floor jacks.

Another more drastic and expensive solutions is the cover the first level flooring with stone.. At least part of it.
A thirdd is to use speakers with way less bass.. And just accept it is what you have to do.
If you have a pair of subs and are cranking them up, nothing will stop the problem.

There is a new drywall product called quietrock that is very effective for reducing noise and if funds permit you could drill and blow cellulose insulation in your basement ceiling. Both are excellent products for reducing sound. Good Luck.

Liz, the answer to your questions is yes and yes. Check my system gear.

Was wondering if there is such a thing as sound absorption tile panels that I could glue to the ceiling. Maybe cork board for the walls would help.

Shame is, the room and my system seem to work well together -- makes for a good sound presenation. Killing the resonance might kill the sound.

Lead wall paper. Yes, there is such a thing, but expensive. Often used as an underlay in floors. I used it in a media room that I built some time ago. It needs to be sealed as it could be an environmental hazard. If you have children, forget about it.

You might want to look at the tread on building a home theater on AVS forum. This is a very common topic in building a theater. Insulation is not a very good insulator. You should look at applying another layer of drywall, especially in the ceiling, using Green Glue between the layers. It is not really a glue, but a viscoelastic material that dissipates the sound. The Sound Proofing Company has a lot of material on their website on how to approach this problem. Ted White from their is active on the AVS forum. The bass is the hardest problem and low bass is almost impossible to totally block without a lot of rebuilding. But a Green Glue ceiling will greatly help the problem and will not reduce the ceiling height by much.