As has been mentioned, if the drive itself is noisy/loud, vibration isolation mounting will not overcome that, although installing some sound deadening lining in the case or getting a more silent case might help (sound will still get out through any openings/vents in the case).
Drive enclosures might help but can cause the drives to run hotter, so then cooling becomes necessary.
Mechanical isolation can be effective, if that is the primary noise source, as mentioned. The best solution might depend upon the particular design/layout of the case.
If you have space inside your case, elastic suspension (the "rubber band" option you mentioned) works very well and can be done quite easily unless you need to drill some holes for stringing the elastic cord through. If you do use elastic suspension, put some twists in the cords and thread some screws into the bottom mounting holes in the drives to catch the cords so the drives won't slip out from between the cords when you move the case.
If you don't have the space for elastic suspension, maybe try some rubber grommets on the drive mounting screws.
The drive cages with rubber pad isolation for mounting several 3.5 drives in several 5.25 spaces as sold by Coolermaster and Lian Li also work pretty well and also provide a front 120 fan mounting, although it might be desirable to replace the stock fan with a quieter one.
You can get much more info in the SPCR forum if you haven't already looked there:
http://www.silentpcreview.com/ Hope that helps, Lefty!
P-90s!