Thanks for all of the replys, fellows! Here is my plan, let me know if there are any things that I should change or re-think.
For the ceiling, I will be building an 8' by 6' by 4" panel using OC-703. I will place this ceiling panel around 4 feet from the front wall, kind of in the center of the room but a little bit back from the front wall where my LCR's are at. This panel will be hung with a 4" inch gap between the top of the panel and the ceiling.
For the corners, I plan on constructing a frame out of 1" by 1" sticks that will hold some pink, flufffy insolation that is cut into triangles that are 2' feet wide at the outside, and extend inward around 12" inches and go from floor to ceiling. Does this sound ok? How much air space should I give in between the trianglur cut insolation and the actual corner of the walls? Should I use any plastic to prevent mid and high frequencies from being overly absorbed? If so, what kind of plastic should I get, and does it go on the inside or outside of the front of the frame.
For the walls, I will be building some panels out of 2" inch OC-703 that is double stacked to make 4" inches total, and there will also be a 4" inch air gap with the wall panels as well.. These will be mounted to a frame similar to the ceiling panel. I will not place any wall panels until I do some measurements with the UMM-6 mic that I am ordering to use with REW. The reason that I want to measure first is because I want to see what the ceiling panels and corner traps will do to the frequency responce and time domain, (note that I do not understand anything with regards to the time domain, I just know that its important! LoL) then I will surgically place the wall panels after figuring out where the problem areas are at.
What do you guys think about this? I am ordering the UMM-6 mic on Monday, so I can run some REW measurements soon. Just out of curiosity, what and how do I measure the time domain? What does that measurement, (ie time domain), mean as far as placing the treatments and EQ? (note that for EQ'ing the LCR's and Subs I will likely use the miniDsp unless someone can suggest a better EQ devise that isn't too expensive).