Forget a good pair of noise cancelling at that price. Check out the Grado SR60s at about 70 bucks. Not noise cancelling, but by far the best set at anywhere near that price. The ear pads will block out most ambient noise.
I was thinking of getting the following headphones, do you have any suggestions? I want to make sure that they are noise isolating or at least noise reducing, and good sound quality; however price is not such a big deal as long as it is under $60. Thanks!
-sennheiser cx300
-shure e2
-sony mdr-nc11
-sony mdr-ex71
-philips shn2500
-jbuds hi-fi
-xtrememac ipd-fse-00 fs1
-creative ep-630

Chowhound
Comic Vine
GameFAQs
GameSpot
Giant Bomb
TechRepublic