The foam is one of those mattress pad covers, got it from wallmart for $8, it's a twin size.
The 5 gallon bucket is left over from a paint job, no reason to use a new one, or even pay money for it. Your local grocery store usually gets cake frosting and doughnut filling in buckets, and will most likely give them to you if ya ask nicely, often they just throw them out.
Don't burn yerself with hot glue.
Actual acoustic foam for recording studios is sold on amazon, and might work a little better, that stuff is even fire proof most of the time.
Leave the handle on to help hang the thing by a bungie.
My Muffler actually works pretty good, I would say at least 30-40% noise reduction. You could also build it out of the snap together flashing sold at hardware stores, would be easier to glue the foam, but ad cost, and use more resources.
Built the thing cause I like to build things, but saved about $40, I already owned all the tools.