Well with that budget im not sure how much noise reduction you will get. Especially if that includes the cost of drywall.
Cheapest effective method would be to apply 1/8" #1 MLV w/psa followed by Green glue and a new layer of drywall.
This system drywall excluded would run $3.60sqft not including freight and based on the square footage you have provided your not going to be able to afford to do the whole place. I would suggest that you choose to do just a bedroom ceiling for now.
http://www.soundproofing.org/infopages/flooring.htmhttp://www.soundproofing.org/ggpages.htm