i had the Shittest Air Pump You Can Get.. $5 from petsmart. noisy as hell.
i managed to make it quieter by engineering the cab some.. wedging a bit of dowel at a strategic point inside, or otherwise finding ways to make it resonate/vibrate less...
..the thing about sound is that low frequencies have a long wavelength, and you need thicker material to damp them. that's why you can hear bass from far away... and bass freqs are many feet in length, so you can't damp them easily. so while you can take the high freqs off by putting a pump inside something, there's not much you can do for mids and lows. sometimes a strategic position in the room will help (eg. so that the freqs reflected off the wall cancel them out some..) but that's tricky and will change if you move your head.
i don't know if the rena or fusion pumps sold in the u.s. are any good., they get better reviews.