The insulation between the joists will help alot.
there is also this stuff called green glue from
http://www.audioalloy.com that works wonderfully when sandwiched between 2 pieces of drywall. I recommend the 5/8" x-rated sheetrock for this.
Also you could do a floating ceiling with risc clips and hat channel.
or you could do all of the above.
is it worth it? that is up o you