Mario,
Sorry to hear you were hit by the economy as well. A lot of us are in the boat together!
Several years ago, I was in a place similar to yours regarding my home theater. I bought a builder home that was spec. He had "prewired" for home theater. This amounted to 20awg 2 conductor inwall run to 5 locations in the room, and a single coax into the room. LOL
I decided to go the DIY route after trying to get several CI's here in Dallas to do something, and decided the ones I talked with were all more interested in selling me stuff, than getting the best sound.
I used this software:
http://www.etfacoustic.com/You will need a microphone, and preferably an external mic amp/sound card.
I bought a Behringer ECM8000 for the mic, as it is reasonably priced, and is designed as a very linear measurement mic.
[Link: behringer.com]The mic amp/sound card I used, is a M-Audio MobilePre USB.
[Link: m-audio.com]I put the speakers in place (Or at least something representative to give you an idea of the rooms characteristics), and did a quick test of the room. (I would suggest having carpeting in place, as that will drastically change the characteristics of the room.) It will give you a good idea of what frequencies are cancelling, and which are being reinforced.
I then took some OwensCorning 1" thick Kraft Faced 707 and temporarily mounted it to the walls at the first reflection points. I also made some temporary "clouds" (2 layers of the 1" thick OC707, with the kraft peeled off the inner surface of one of the panels) and mounted them to the ceiling at the first reflection points with a 2" air gap. I just used some wood as a spacer, and some screw eyes in the ceiling, with some solid wire through the screw eye, and then through the panel with the wire bent to hold the panel in place. Just two held it, as it was meant as a temporary measure.
I measured, and then started moving panels, and adding panels. I and a friend would hold panels as the software made measurments, and decided what locations did what we needed.
In general, I covered about 60% of the wall area, and probably about 40% of the ceiling area. Over the ceiling the first reflection point, and over the seating locations gave me good results. The walls the first reflection point for the front speakers, the back wall, and some random other wall locations gave good results.
After knowing what I wanted/needed as far as panels, I made my own panels from the OC707. I used fabric purchased at a local fabric outlet here in Dallas. I used the old rule of something you can easily breathe through, that is a fiber that will not stretch with changes in humidity. You could of course also choose something like Guilford if you wish. I made the panels by beveling the edges on a table saw of the OC707, and then dipping them in a tray made from a gutter with end caps, filled with a 2 part epoxy meant for fiberglass work. Let them dry and then covered them.
I then used some Rotofast panel anchors to put the panels up.
http://rotofast.com/Finally you can retest the room, and then choose a device in case you have any frequencies that remain that are still being reinforced. Something like the Behringer Feedback Destroyers work well. Since you know the frequencies of interest you can use the manual mode of the feedback destroyer to attenuate those, and then retest.
Finally, if your receiver has any room analysis / correction, you can run that. After doing so simply retest with the mic and software to make sure it hasn't made things worse.
I had a very good result. My system sounded much better. My wife thought that things sounded better in general, but specifically thought the bass had more impact, and speech is much clearer. When my wife comments on noticing the difference, that is a sign that it is quite dramatic, as most of the time she doesn't seem very discearning about audio.
Let us know how things go. Good Luck! This can be something you add to your tools for clients.