Technically, yes. You can interrupt the audio stream with an EQ program. The downside is you may have a sync issue with the lyrics. If you do, you can try to adjust the playback offset in Hoster to compensate.
I am curious though. Why wouldn't you use a regular external EQ? They are not that expensive and don't steal CPU cycles
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Test machine:
Vista Home Premium / Toshiba Satelitte X205 / 2.0GHz Core2 Duo / 2GB memory / 2x NVIDIA GeForce 8600M GT
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