Roadbed, subroadbed and benchwork
Boy Jose, you sure picked a question that will result in lots of divided opinions!
You'll need to make some decisions - if you want to simulate the appearance of well maintained prototype track, the track should be elevated above ground level simulating the gravel ballast the real RRs use to keep their track drained. But if you're modeling a bunch of run-down industrial spurs or a yard the tracks are unlikely be laid above ground level.
Let's talk matrials a bit - homasote holds spikes pretty well, is easily cut and shaped (although doing so can create an amazing amount of grey dust!), and is available in 4x8 sheets. The thickness of homasote can vary a bit from sheet to sheet. It's relatively stable with some evidence provided from some modelers that it can stand up even when soaking wet. But it's not very strong - don't expect it to not sag if used as table-top material (simulating the ground) - many modelers cover a plywood table top with homasote. Homasote is inert which means it deadens sounds - like the whirring sound of a bunch of model train wheels rolling along the track.
Rigid extruded foam (the pink, blue, or gray stuff depending on where you're located) is stiff and rigid. The 2" thick variety of this stuff is more than strong enough to use as a table top surface. It can be easily cut and shaped with saws and other tools (but doing so generates an amazing amount of pink/gray/blue dust with an electrostatic charge that will cling to everything-in-sight). It can also be cut with a hot wire cutter that actually melts the foam away. Foam is an excellent conductor of sound and laying track directly on sheets of rigid foam can cause those sheets to act like the sounding board of a piano and amplify the wheel noise of trains running on it. Foam is far to soft to hold spikes well so any handlaid trackwork will need a separate roadbed layer between the track and the foam - homabed (a pre milled variety of homasote from the California Roadbed Company) works well for this. Cork also can be used but it doesn't hold spikes nearly as well. The pink/blue/gray extruded foam is relatively fire proof (it's ok to use as insulating material in a house). Do NOT use the white bead-board styrofoam - struturally it is very weak, it's prone to chipping, and it is a big time fire hazard!
Plywood is another material frequently used for table tops. It's relative stong and readily available in many grades nearly anywhere in the world. Its somewhere between homasote and foam in terms of sound transmission. If you can drive spikes into it they'll stay driven - however you'll be likely to bend an awful lot of spikes trying to spike into it. When I lay track directly on plywood I drill pilot holes for the spikes to avoid this. If track is mounted on roadbed (homabed or cork) the spiking issues disappear. Plywood is relatively easy to cut with a saber (jig) saw or most other kinds of saws. Dust is created but it's no where near the problem of the dust from homasote or the rigid extruded foam. Plywood is flamable but doesn't represent a special fire hazard unless you follow unsafe wiring practices.
There are other materials that have been used for a table top but I'm not going to mention them here.
So what materials should YOU use? Let's talk some more about your layout. Are you planning a relatively flat layout? In this case any of plywood, a plywood/homasote sandwich, or rigid extruded foam will work pretty well for your ground surface. The foam offers the advantage of easily being able to carve drainage ditches if they're needed. I'd recommend some kind of roadbed to lay on top of the table/ground surface - especially if you're using the foam. But if you're modeling an industrial park or a yard track directly on the table top (ground) surface is fine. If you're using foam for the ground you'll probably want to glue the track down because the foam won't hold spikes or track nails).
But if your dream calls for hills and valleys with track on grades you might want to use that plywood homasote sandwich (or just straight plywood). Cut alongside the places where the track (like a cookie-cutter) and lift them to their desired elevations. If there are big valleys or river beds keep a layer of plywood (or plywood/homasote) at the bottom of the valley or roadbed and raise the surrounding landforms (roadbed or hills) above those river bottoms.
If your dream calls for LARGE mountains and valleys with the track twisting around them you might consider spline roadbed. This is a more advanced techinique that lets you use your material more effectively. Popular spline materils include clear pine or fir, masonite, and homasote. I have made use of masonite splines on my layout. For splines you cut strips of the material, stand them on end and laminate them together. Here's my web page on building spline roadbed - http://s145079212.onlinehome.us/rr/howto/splines/index.shtml
So!What will you do? Maybe the best way to decide between homasote and foam is the check the availability of each - the big box stores like Home Depot tend to carry the foam but you may need to search to find homasote (seach for Homasote on the web). If you're planning on doing a bunch of handlaid track I'd suggest going with a plywood/homasote sandwich. Otherwise the foam might be the easiest way for you. If using foam I personally would use some kind of roadbed (homabed or cork).
Note: Cork roadbed is relatively cheap, bends around curves very easily, holds spikes (sort of), and provides sound insulation. But the stuff dries out with time. Homabed won't dry out and holds spikes well but is pretty expensive. Somehow you can't win... If you elect to skip the roadbed and lay track directly on the foam it won't be the end of the world. The layout can still look pretty good.
When gluing foam together don't use solvent based glues/cements as they will disolve it. The foam also present an impermiable barrier to air - if the laminate two sheets of foam together with latex construction adhesive you can expect that the glue won't dry on the inner parts of the joint even years after constuction. So I smear the surfaces with the glue and let them start to set up before I put them together.
This is probably more information than you can digest at once so take it easy. Read it a couple of times and I'm sure others will post also.
Good luck, and let us know what you chose and how it comes out.
Regards,
Charlie