Soundproofing is an issue for most of us who can't afford or not willing to shell out the money rehearsing in studios. I just had to deal with the same thing with my neighbours regarding sound levels so I have been doing research and have asked quite a number of people about it.
The bad news is, not unless you build a "room with in a room", something like a floating box contained within another box - which I'm sure you can imagine, is very expensive to construct, it is very difficult to "soundproof" a room 100%. The biggest issue is not the high-frequency sounds but the lower frequencies. My neighbour's kid calls it the "thump thump thump". Meaning the sound coming from the bass guitar and the drummer. That is the hardest to contain. No matter what you do unless you are willing to spend a hell of a lot of money, your neighbours will still hear you. Forget about the foam, rug on the wall, egg crates etc... you will only be wasting your money.
So my suggestion is look for another rehearsal space (when I was in Manila, we used to play in an office on Saturday nights when there are no people in the building). You can also try getting your volumes down to the minimum (altho hard to do with the drummer). Another thing is to talk to your neighbour and see if you can make arrangements with them.
Another way which I really don't recommend is to tell them the next time they complain you are going to beat the hell out of them. Normally that doesn't work but who knows.