Bass frequencies are best eliminated by thick concrete walls and several tight doors, preferably steel ones. Higher frequencies are best dampened by soft materials like rockwool, foam rubber, mattresses etc...
If you cannot increase the thickness of the walls, don't cause the lowest bass frequencies in the first place. Turn down the bass and boost the mids a bit and that's it, or incorporate a good EQ and remove everything below 80 Hz or something...
And... the most important thing: Practice at reasonable volumes. If the drummer's too loud, put him behind a plexi sheet!

Then you other guys don't need to turn up so much.
