There was just a discussion about this so you may want to do a search. The Auralex stuff won't do ANYTHING to soundproof your room from outside noises. It's designed to treat a room to make it sound more accurate - it's used to control reflections and bass build up - basically to make your room sound better so you can accurately hear your mix and make better decisions. The only way to SOUNDPROOF your rooms is to use mass and space. The best way, and most common way is to build a room within a room with a small air pocket in between. Then you can float the floors to help as well. Getting a room professionally soundproofed can cost tons of money and for a good reason. Do some research, there's alot out there. I'm pretty sure you could cover every wall of your room in Auralex and you'll hear the sounds getting in just as loud. You'll have a deader room but not soundproof.
donimon is talking about the discussion in this thread: http://www.northernsounds.com/forum/...ad.php?t=32500
Basically the easiest and best advice to give here is to move your studio to a place that's suited better, meaning has already less noise surrounding you and not disturbing others by the noise you'll make in your studio (don't underestimate that if you have neighbours). It's very to get bass frequencies down without serious investments, both ways, in and out your studio. And those out should still be there inside... A bit of a big problem if you ask me.