Do you have 24 or 32-bit decoding enabled? If so that's your problem. Winamp only supports 16-bit for DSP's (including the EQ). If you want to use 24-bit output and an EQ I'd suggest you try Foobar2000 (which processes everything internally at 64-bit floating point).
Damn, yet another reason to switch to Foobar... I just really really like Winamp - one of my fav programs of all time (no joke)! I hope they get more advanced with WinAmp6.
Actually, the FB2k developer used to be part of the Winamp team but left because they wouldn't make the sound quality improvments that FB2k has over Winamp because it would've required almost all the plugins for Winamp out there to be rewritten (they did eventually break plugin compatibility when the switched Winamp3 though, but they all work with Winamp 5 again).
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