We are finishing our basement and have decided to paint the unfinished basement ceiling. I'm looking to insilate between the floor for sound proofing. What are the best solutions to do this. Also what suggestion on shade of paint light or dark,textured or smooth,laytext or oil based. All help is much apreciated.

You might try the search feature here. There was a thread where the guy planned to paint the joists, underside of the floor, pipes, wires, etc. flat black. You see public building done that way sometimes. Everything just disappears into the black. Much easier than adding a ceiling, and still leaves access to the utilities when you need it.