I have not heard noise cancelling phones that deliver decent sound. I would go the route Erik Squires recommended--good in-ear models. They deliver great sound and do a terrific job of cancelling noise. Some models can be a bit uncomfortable; if you are serious about in-ear models, you can get ones that offer custom-molded insert pieces that are made from an impression taken from the listeners ear by audiologist that fit hearing aids.
The model of in-ear phones that I use comes from Etymotic.
The model of in-ear phones that I use comes from Etymotic.