Thermal insulation like fiberglass or expanded foam work by trapping as much air as possible. Obviously, this isn't so good for sound insulation, although sticking anything between the walls - even expanded foam - is better than air by itself.
I think there's too much emphasis on trying to 'decouple' surfaces, based on the observation that you can't feel vibration through loosely coupled objects. This doesn't work as well with audible sound, where it's really a question of how much a material can be made to vibrate at a given frequency.
For instance, it's easy to stop high frequency sounds with relatively light materials, but incredibly difficult to stop 30Hz sounds from 16ft organ pipes. The lower the frequency, the more massive your materials need to be.
This is all widely known, but for some reason people (including me) seem to think it doesn't apply in their own case, and they need only add some magical coating or something.
I haven't read up on green glue, but I'll bet you could achieve the same effect with any dense adhesive. Tar, for instance, is widely used in automotive applications. The important part will be the fact that you're creating a laminated material, more than the glue itself. A quick search shows that you can buy ready-made laminated drywall for noise reduction purposes.
The best way to achieve what Ddrueding wants is to line the walls with carpet. Carpet's pretty damn heavy and has a highly irregular surface. Usually glued, but that creates huge problems if you need to repair a small part of the wall. It would be interesting to try a tackless strip along the top of the wall and hang the carpet from it, but you'd still need large-headed screws to hold it in position. You could even put up underlay first, the good stuff is pretty heavy and very undulated - might even be latex rubber?
Despite Stereodude's attention to detail in his design, I think he's completely missed the obvious area where noise is going to be the biggest problem: the ceiling. It will definitely suck to be in his house when he has his 4800W subwoofers in full cry.