Dynamat is an asphalt based sheet material that is applied to body panels and such. The basic theory is that adding mass to a body panel will dampen vibrations. Fine for small applications, but it gets expensive (and very heavy) for large applications such as the trunk. I used dynamat on my floor pan and door panels (and under the rear deck) with good success, but I used a different route for my trunk:
Gut your trunk (remove all asthetic things from it, leaving only what's bolted in). Then remove the rear seat backs and newpaper off the entire opening between the trunk and the passenger compartment, making sure air cant circulate in. Then paper off the compartment that houses the power antenna motor and place tape over the "thing" on the opposite side of the trunk. Lift up the wiring along the bottom of the trunk and leave it suspended in the air. Pop out the rubber grommets (should be 6) and tape over the plastic ones. Use a scotchbrite pad to go along the trunk and rough it up a bit, then wipe the whole thing down with a good cleaner (window cleaner or something). Make sure the entire back half of the outside of the car has a drop cloth and newspaper over it. Then use about 4 cans of duplicolor truck bed liner and spray everything down. Do one can at a time, leaving 10 minutes between coats. You'll want safety glasses and probably a paint mask (otherwise you'll kill half the brain cells in your head). Try using a shop vac in blow mode and stick the hose in the trunk after each can. That'll evacuate the fumes quickly. Once all is done, let it dry for a few hours, and then use regular dynamat on the inside of the spare tire well, and on the strut towers, and also use some super dynamat (called dynamat extreme now) on the inside of the trunk lid). After all that's done, your trunk should be nice and quiet on the outside. Also, the texture bed liner will keep that cheap-ass floor piece from sliding around anymore (and also get rid of the primer color if yours is like mine was).
I'll try to get some pics posted of the results soon.
\'94 Cobra #4963/5009, black on black, not quite stock
Formerly owned a black '00 SVT, #1972
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RIP - Ray "Old Fart Emeritus" McNairy