I've had a pair of Audio Technica noise cancelling headphones for a while. They're great for getting rid of constant background noise, like on planes, but they don't cancel out talking very much. In fact, I find it easier to understand people while wearing them because it gets rid of the other noise. Demonstrated it to a flight attendant once when she insisted I take them off for the safety lecture (which I practically know by heart anyway..).
Unless I'm playing music loudly, in addition to the noise cancellation, hearing someone yell out my name wouldn't be an issue.