I bought some Owens Corning 703. Now what?

@edunbar and @tazz2 Thanks -- I will go take a look. I've watched a lot of videos about acoustics and treatments but perhaps there will be something additional here to learn.

@corelli I'll consider suspending the panels. Once a 2" panel is suspended down 4" from a 6'5" ceiling, it is now at about 5' 11 inches from the ground and just about low enough for someone to bump with their head. But I think that this is at least a temporary experiment that will bear fruit. And maybe even an 1" off the ceiling would be good.

@slaw 2 inch spacers sounds like the easier way to get corelli's suggestion implemented. Thanks.

@optimize Thanks for the suggestion. I've played test tones and walked around the room your suggestion about the panels in a sack is interesting. I'll try that. I'll just thank you now, if that's ok.

@riley804 I have not tried the stereo where the bed is (in this room, it's impossible) but I have tried putting the stereo at the opposite end of the room, in other words, on the short wall. It is not as good. Still, I have not tried it with treatments. That's a good experiment.

Hello all. I worked for Owens Corning for over 13 years and supported, from a technical side of the business, commercial boards etc... that 703 is a part of. First off, insulation will not kill you, breathing in insulation may be a slight irritant to some people but for most it is fine. Yes wrap the panels, insulation is ugly on the wall. 
Remember first what you are trying to accomplish in a room. There are several ways sound can affect acoustics in a room and there are several ways to control it. Diffusers, blockers, baffles, Insulation will help with reverberation in the room by absorbing it. There is an actual science to it and too much absorptive material (700 series fiberglas in this case) can be bad, too little can be bad. The best way to narrow it down is to calculate the amount of reverberation in a room and then calculate the amount of material you need to absorb the appropriate amount of reverberation. Thickness of the panel matters as well because thicker material will absorb lower frequencies better than thinner material. I can go on and on... but think about what you are trying to accomplish and choose the right material for the job. 

There are a number of books online about building your own recording studio where the math and principles are well explained.  To experiment, try a double layer (4 inches) 2 x 4 foot panel in corners and and on your narrowest dimension (often the ceiling) as bass traps to tame some standing waves.   

The use of your panels on front wall behind speakers and possibly between and at reflection points on ceiling and floor between speakers and listening position are great places to start.  

 You might consider framing your panels with 1" x 2" pine. Back with cardboard. Cover with burlap type material of choice. Look into making your own bass traps for corners. 

@jetjuice  Thank you for your replies. It's a privilege to have someone with your experience taking up my question. I'm trying to calculate the amount of reverb with REW.

And at this point, I'm playing with the material -- to see how it affects what I hear and what I measure.

FWIW, I don't expect to be able to become an expert by messing around with a few panels, but I expect to get some experiential insight into how the room can change. (Sort of like the way we try lamps in different parts of a room, with different bulbs, and then stand back and see how it looks, or sit down and try to read, etc.)

@vermonster -- Good suggestion. I'll try some doubled up layers, especially after I play some test tones to identify where the bass is really piling up in standing waves.

@mesch Thanks for the building material suggestions! I definitely need a project!