When I put up dry wall in a garage before I cut it so it was 2" above the floor and then put on that 4" rubber base molding you see in office buildings & Bathrooms, Never got wet and soggy,.....
I don't know if it has been covered on this forum before,..But a buddy of mine had spray on insulation in his garage and than used sheeting for the outside of "pole barns" on the inside of his garage,... looks great, reflects light, But I don't know about the noise factor.