What is the best way to sound proof a room without spending hundreds of dollars?

At least good enough that a drum set could be played and it would be heard at best, like a TV on kind of loud in the next room.

Answers:
Sound is deadened by two main things: weight and non-moving air pockets

I don't recommend putting egg cartons on your wall like the one guy said. I think he mistakingly was trying to refer to egg-shaped polyurethane foam like the mats that are used on top of beds for people with bad backs.

If you really want to go all out, you could remove the drywall off the walls and spray foam insulation into the walls then redrywall. That would help a bunch, but I imagine that is more than you'd like to pay. So here are some other solutions.

Get the egg-shaped polyurethane foam padding like that stuff that is used on top of beds to hang on the wall. This will help deaden the sound. Look for "closed cell" foam if you can find it. This means that each little bubble is self contained or that the bubble holes don't interconnect like as in "open cell" foam. An open cell foam won't work as well as a closed cell foam because it will let the sound travel easier from bubble to bubble. A good example of open cell foam is a sponge.

Several layers of carpet padding could help some. You could also use the fiberglass insulation or styrafoam sheets would also help.

Oh yeah, the styrafoam sheeting like they use to put under siding could help too. Just thought of that.

Also remember that a lot of the noise could be traveling through the doorway also. If your door is think or you have a crack under the door, that can allow sound to travel from room to room.

I'm a packaging engineer, so I know a lot about different kinds of foam and their sound deadening capabilities.

Other answers:
Use earplugs. No just kidding. Add funiture to the room and a carpet. These items will soak up the sound a bit and cut down on echo.
Use earplugs. No just kidding. Add funiture to the room and a carpet. These items will soak up the sound a bit and cut down on echo.
get lots of paper bags, like grocery bags. Gets lots of newspapers. Perhaps the local newspaper will give you lots of yesterday's papers. Crumple up the individual pages and fill the bags with the crumpled papers. Stack the bags along each wall, floor to ceiling. Try to attach some of the bags to the ceiling. That should muffle the sound a great deal.
Quieting a drum?

Carpet the walls, but that wouldn't be sufficient for a drum. Huge sheets of styrofoam ... you could always paint it, but it would help.
Attaching carpet padding on all the walls. And, if ya want more, over that you can apply egg-crate foam, (like the kind you buy for putting on top of your bed for more comfort).
This requires spending some money but not too much. Get fiberglass insulation. The kind with paper backing and attach it to the walls covering the entire wall at first you can add it to the ceiling later if you need more dampening. The thicker the insulation the better but go with your budget. From there spray the exposed insulation with some type of spray on adhesive to form a "crust" on the insulation. In all commercial sound deadening applications they use panels of condensed fiberglass which cost between 500 and $1500 per 4x8 sheet. This is an economical version of that.
You don't say if the room has windows and whether the soundproving is for your benefit or your neighbors? I don't think you are going to get a quality sound proof room without spending at least some money. Windows are going to be your biggest challenge since that is where the biggest lose of sound is going to occur. They do make accoustical tiles that you can buy. You might be able to improvise with the egg crate mattress material but again unless you are getting it free you will be spending money.

You could also try spraying panels of wood or heavy cardboard with a spray foam insulation that expands. Then attaching the panels to the wall. If you don't care what your walls look like you could spray the insulation directly. I bet that would deaden the sound.

You can't forget the ceiling!
love_2b_curious has got it right, carpet padding works the best, and it is cheap. You can but acoustic foam tiles, which are no more than a textured carpet foam.
What about using fabric panels? If tight on budget, use carton board as base cut into panels in size 2' x 4', depending on the size of the walls. Measure the area of the walls you wish to cover and then divide iby the area of one desired size of panel (recommend it to be rectangular than square).

See the link below to get an idea how to do it on your own.
That's a tough question and I have heard several answers. The most common method is to collect egg cartons and affix them to your walls and door. I think it's important too though to get a set of brushes for practice at home and be careful of the "lead foot" so your bass drum doesn't carry louder than the toms. Of course what you could also do is save up for an electronic practice set. I have to say that in my experience as a musician I have found that the best solution is to find a different place to practice if you need all the band members in one place. If everyone is accomplished enough you shouldn't need to rehearse more than one time before a gig, if that much. I often avoided noisy practices by associating with musicians whom I could call at noon, they'd show up at the gig by 9 p.m. with no rehearsal time, and by ten p.m. we would be set up and start our show. We made money doing what we loved and bypassed upsetting our families with ten different versions of "Whole Lotta Love." Good luck and keep drumming!
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