For Ubuntu 10.10:
sudo add-apt-repository ppa:nilarimogard/webupd8
sudo apt-get update && sudo apt-get install pulseaudio-equalizer
For previous versions:
http://www.webupd8.org/2010/02/pulseaudio-system-wide-equalizer-now.html
After Installation you can find the Equaliser in the Main Menue Application / Sound & Video / PulseAudio Equaliser
Have fun 😉