You could cover it with acoustical panels. One inch linacoustic covered in your choice of GOM fabric. Would run you about $1.5 sq ft for the fiberglass and fabric, on top of that you would need wood frames, furring or Fabricmate fabric track channel.
There are other commercial alternatives for covering ceilings with foam and fabric. These videos are worth watching about the Owens Corning ceiling sound treatment system Solserene.