Ideas for a small, complete, studio in a condo basement.

Hello everyone- first time poster here. I have thoroughly read the rules about posting on this type of subject, and will try to be as detailed as I can. I'm located in CT and am buying a condo in Meriden. The condo is small, but it has a nice finished basement that's about 10x13 feet. The ceilings, according to my best estimate are at least 8 feet high, if not 9. I don't mind it's size, we just need a space to record. Now, it's an end unit, so we only have to worry about neighbors on one side of us. It's a townhouse, so no one's above, just to the right side. I am in the research/planning phase. The deal on the condo doesn't close for a month, so I have time to get materials, etc. We play rock'n'roll music (http://moumusic.com for reference) and I wasn't planning on putting a drumset in the studio because I think it might be too difficult (and expensive) to isolate. However, if anyone thinks this is possible, I'm open to suggestions. I don't care so much about acoustics (I kind of prefer that "less-than-perfect sound) and will take our recordings to a professional mastering house. I just need a space that my band can practice in, and a place to record our music without angering the neighbors to one side of me. I can sincerely tell you that we're not loud. Add drums and let me crank my electric like I'm used to, then yes. But, I don't think we need to do that in this space- this is for recording and toned-down practices. For budget, I don't really know- I'm pretty flexible. I already have all the instruments, equipment, 24-track DAW, etc. My best estimate is to keep it under $500 for materials. My uncles are professional carpenters, and they can help me with making a custom desk for my DAW and even a vocal booth, etc. I'm not too worried about labor- I'm sincerely (and naively) hoping for a solution of paneling I can hang on the walls- I know I'm in for an awakening. By the way, my DAW is a Tascam 2488 unit- really compact (only maybe 2 feet by 1 foot) and that's the ONLY console I use. I'd also like to keep everything assembled, so I hope to find a way to hide wires, etc. Again, I know it's a small room that really shouldn't house a place to practice, record, and mix, but it's gotta be possible- we're really not picky. We just don't want the neighbors to complain when I play acoustic guitar and sing with my bandmates at 2:30 am. As for the space- it's finished-off. That is, there's that really tightly-woven carpet on the floor, sheetrocked and painted walls, and a drop ceiling with full-size (rectangular) tiles. There's no heat in the space, and there's no built-in lighting other than a ceiling fan light. There's no obstacles AT ALL in the space. The stairs are on the right (sorry I don't have any illustrations- I have to draw a picture with words here). When coming down the stairs, then, the room opens to the left and to the back, in one perfect rectangle. There are no posts in the room- just a box with four walls and a staircase. Towards the back of the room, there's a door that leads to a small "basement" area with a washer/dryer and a workbench. There's also no windows in the space- the only way to get down there is from the door upstairs in the kitchen. Oh, and just to get it out there- I bought this place because it already had a finished basement- I don't want to go tearing things down here- just adding on. I'm all for getting new ceiling tiles and covering the walls, etc., though. BTW, are there any thoughts on that "Studio in a Box" kit? I know that's more for acoustics than sound reduction, but then again, I have no idea what other purpose it may have. So, given all of this, I'd like to have a spot for a keyboard, an acoustic guitar recording area, an electric guitar recording area (with amps), a place to do vocals, and a semi-permanent place to send all that sound (mixing board area). Then, when everyone clears out and the recording's done, I' like to have that mixing/recording area have a couple of monitors that I can make my mixes and burn to CD. I was originally thinking of getting those stand-alone products like the "Portable vocal booth" you see advertised in magazines, but I don't know. I guess I'd like to create something that will make people impressed that I fit it all into one room. I hope this is enough information to have some idea of what to do- I'm very excited to start coming up with designs, but I think I need to know what I have to do acoustically (with isolation in mind) before I think of aesthetics. Thanks for any help!! ~Jim