The nice thing about velvet is that you can make the room formal or contemporary/relaxed. If you want glam though, pair up with cream, white and gold. Add glass and mix and match with old and new pieces to make it feel modern. Hard though to advise specifics without seeing your couch and room, etc. Look at pictures to get a feel of what direction you want to head, decide on the best layout and what your furniture/accessories' needs are.

Living Room with fireplace · More Info

2011 HHL Living Room · More Info

I will email a link of my town home so that you can see the floor plan, etc...also the sofa in the second pic is identical to mine :) Love your ideas so far!!!

To keep up a "glam" theme, pick a color scheme and stick to it. If your sofa is blue, there are a lot of options. If you want to create a "lighter" décor, look for Lucite, glass, mirror-finish, silvered (as in mercury base lamps). To keep it from looking too boring, pick an accent color (yellow? lime? plum?) for sofa pillows, accent items, art. If you search houzz, you'll find plenty examples of glam.