Small unfinished space in basement for personal recording

Hello everyone, I've been reading several pages for the last few hours and much of it has gone over my head. I'm hoping someone can at least help put me on the right path. What I'd like to do is set up a small 12'6" x 10'6" x 8' space in an unfinished basement for the purposes of writing/recording my music. I am a guitar player but will be tracking vocals and acoustic drums in addition to an amplified guitar. Keyboard will be handled via midi and bass with use of DI. I've noticed that several plans have separate tracking and mixing rooms. This probably isn't necessary for me as I will only be recording myself. What I'm most confused about are the issues of soundproofing. They seem to be the most costly and I'm not sure how much soundproofing is needed or if I even require it. I don't really need to deal with issues of sound getting out but it's the sounds from upstairs that are of concern to me. The room is located right below the kitchen and the family room is upstairs just off to the side of the kitchen where the tv is usually on and can be heard quite easily at the moment. Would you recommend soundproofing the entire room or would the ceiling alone be good enough? For the acoustic treatment itself I've already built 16 4'x2' broadband absorber panels using 4" Roxul. The floor is concrete and I was considering keeping it as it. Do you feel it's worth the effort to work on a room this size? I'm not sure what I can expect and would appreciate the advice of those much more experienced before I go and spend alot of money. ($2000 CA - well alot for me :) ) I can provide pictures of the existing space if it will help with any suggestions you may offer. Thanks.

Modally, the room dimensions are as close to ideal as you could ask for; and you're right, 2 rooms aren't necessary when working alone, it's just more efficient when NOT working alone and gives more flexibility for a varied range of recordings mostly. Soundproofing is NOT a one-way street, if you keep it in you'll keep it out as well. If your ceiling is the worst offender, that's where to start; you'll need to open up at least one cavity in the ceiling to see how it's built at present, because that may be part of the problem. We'll need to know the dimensions of your ceiling frame lumber, distance between them, and the unsupported length of the ceiling joists before making any recommendations there. If part of the noise you're trying to contain is footfall noise (impacts) then you may need to look at covering the upper floor with carpet/pad if possible; or at least putting in a resilient hung ceiing below. Pics and sketches will help... Steve

what's on the basement ceiling now? If it's completely unfinished, you'd probably want to start by packing fiberglass between the joists, and seeing where that gets you.... it could be enough.