Are you living in a garden home? You can use sound-proof board to minimize the noise level, or even wall carpet, that's what many condos are using in California, cheap and effective.
I've seen people putting soundproofing board on the outside of their walls to absorb noise, mostly used by amateurs of Hi Fi, but I don't know the exact name for that, ask a Home Depot specialist.
Wall carpet refers literally to carpet on the walls, it's ugly, it's dirty, but it gets the job done.
The best way to soundproof your home is from within the drywall, using soundproofing materials. You should also attack the source of the noise. Read this article for details.