What is the best way of noise control for my basement ceiling to reduce the noise between there and the first floor before I install the ceiling tiles, fiberglass insulation or some other way?

Fibreglass insulation is the easiest and cheapest way. It will still be noisy (but muted) particularly if you have creaky floors or wooden floors. Years ago, my then 2 y.o. son (he's 20 now) used to push one of those plastic push toys around on our wood floors: that was unbelieveably noisy downstairs even with an insulated ceiling.

You'll probably find most of the sounds travel through heating ducts (if you use forced air HVAC). Its hard to do anything about that without redesigning the system