I haven't set a range up in my basement yet, but my uncle had one a few years ago. He just put a target up, and then used 3 old blankets hanging from the ceiling. Leave enough of a gap in betweenthe blankets and the wall. The blankets absorb the energy from the arrow, saving your arrows and wall.

I will say however that I haven't shot at this set up in a few years and I wasn't shooting over 250fps when I did shoot at it.