Here's a thread I started some time ago.
http://www.guitarforum.co.za/recordings/my-studio/
It's all about studios but the inexpensive panels that I made can be used for a practice room as well. There is other great info from other posters.
The main thing that you want to do in a practice room is to eliminate standing waves. Carpet the floor, use panels around the room and hang "clouds" from the ceiling. Bass traps can come later if you are experiencing bass boom in the room. Hope this helps.