Pulseaudio with noise cancellation module is basic feature. It's great for cancelling sounds that are coming from your speakers, but it will not suppress any noise that is coming from your environment. For that, I'm finding following app's very useful.
Camdus #
https://github.com/josh-richardson/cadmus
NoiseTorch #
https://github.com/lawl/NoiseTorch
https://www.youtube.com/watch?v=DzN9rYNeeIU
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