Nikhil... buddy... take care with the loud volumes of your music it can affect your hearing pemanently. Our good friend Medpal will advise you better about this - EARS are his speciality.

About reducing the sound traveling out of the room use felt lining around the edges of the door and windows and look for sound proofing tiles (they are used in some movie theatres) these tiles look like they made of some sort of hard board - attach these tiles to the doors and windows.