I've been in so many basements with live drummers that I have nightmares. If I were you, I'd get serious about making the room sound good by adding some serious acoustic absorbers/diffusors. Treat the room and preserve your hearing!

-aaron

Everything you need to know about soundproofing, acoustic design, building practice rooms and recording space can be found here:

http://johnlsayers.com/phpBB2/index.php

Actually, its almost too much information if there is such a thing. Regardless, Sayers site is a wealth of information on the subject.

If I had that kind of money to spend, I'd look for a professional to quote a room design. Must be some pro out there that could at least provide worthwhile help for ten, twenty, thirty percent of that figure - probably right in your own hometown. The room itself, if using the rest of the figure to actually build it, might end up being "usable". If you did all the building to plan, yourself, maybe quite usable(Though any rooms above it or anywhere near it would still be "unusable".).

Don't let your Dad read this! Just be glad you're not MY kid... Drummers in the basement... Yeah, right.

Equipment to put in it? Next time, next years budget...

TG

You should also visit the accoustics forum here at RO and read up on the subject. Once you understand the basics you can ask the proper questions and get help with your room plan. Some simple DIY treatments will go a long way in making any room sound better and the guys on the forum can give you specifics on the design. John Sayers site is also a great resource. Good Luck

Also, you can go to Aurelux's site and give them your room dimentions and construction materials of the basement and they'll email you reccomendations. Count on $1000 there.