Measure the walls in your basement home theater to determine the amount of acoustic vinyl barrier sheeting to purchase. Acoustic vinyl barrier is available in rolls at most music and audio retailers.
Cut the vinyl barrier into strips the same length as the height of the walls with a utility knife, using a metal ruler as a straightedge.
Lay newspaper on the floor. Place a strip of vinyl barrier facedown on the paper and coat the back with a layer of vinyl flooring adhesive, using a foam paint roller.
Hang the vinyl barrier on the wall as if you were hanging wallpaper, starting from a corner of the room. This will be easier with at least two people. Smooth the vinyl with your hands to remove any air bubbles. If necessary, drive upholstery tacks into the corners with a hammer to keep it from slipping.
Repeat the process with the rest of the vinyl barrier strips, one at a time. Allow the adhesive to dry overnight.
Apply latex primer and paint over the vinyl barrier with a medium-nap paint roller, if desired.