When I built my dedicated HT in my basement, I used a couple different techniques. Ideally I would have liked to build a room within a room, but it wasn't practical (or cost efficient)
1) used
RSIC-1 to mount hat track to the wall. Then mounted the drywall to the hat track.
2) stuffed all cavities with insulation
3) used staggered stud construction on walls shared by other rooms
4) I used standard drywall (5/8" fire resistant). I could have doubled it, but didn't.
Room sounds great - no outside noise what so ever entering and only deep bass escaping.