Pond, I read up on it from a reliable scientific source, wikipedia, and there are some claims it will work.
Thinking about sound absorbtion, cotton acts much differently than steel. Steel wool takes you closer to cotton, but it seems to me like it would not absorb much sound at all. I was thinking paper from a shredder, but that has obvious problems.
I would also worry about fibers getting in the path of the bullet and causing damage to the suppressor.