Install R-20 batt insulation flush with bottom of joist ( see 2)
Install sound board, donna conna or homasote sound board (see 3)
Install acoustical channel by nailing through item # 3 (see 4)
Install 5/8” fireguard drywall screwed to the acoustical channel (see 5)
Note: For added sound control add another layer of 5/8” fireguard drywall.
If the noise is really bad, and if your home is heated with forced air heat, you might have to consider using an alternate heating source for the basement to stop the transfer of sound up through the duct system.