[CSMR]

http://console.jp/en/index.html
http://console.jp/en/about/image/about_1_l.gif
You can route audio streams around and apply vst and directx effects with a simple graphical interface. Works as a standalone application or as a directx or vst or directx plugin itself.

Anyone here used this software?

Certainly looks very nice, flexible and simple. I can imagine using it to take audio from asio, windows sound, and midi input and outputting to headphones and speakers with appropriate dsp for each.

 

[Herbal]

Can also be used to apply filters to whatever your source is...one great example is a Digital Room Correction filter for a speaker setup. From what I've read results are amazing but there is a timming issue which makes it a bit of a nuisance with respect to video sources as video and audio has to be synced manually.

 

[CSMR]

That's right. I don't think you would add too much latency, but I haven't experience of this. I know you can adjust audio and video timing in VLC media player.
I did look up room EQ once and found this software which seems pretty good:
http://www.hometheatershack.com/roomeq/
From what I gather room correction is best for the bass region; higher up improving the balance in one place will hurt it elsewhere in the room, and will only give good sound in a tiny sweet spot.