You can do this on Windows 8 and Windows Phone 8 using XAudio2. However there aren't API's available to do most of it, so would have to code it. In your example, using an mp3 file you would:
- Decode the mp3 file into raw PCM data
- Pass the raw audio data though filters for your equalizer. In this case it would be a 3-band equalizer. Here is one example online:
http://www.musicdsp.org/showArchiveComment.php?ArchiveID=236
- Feed the processed pcm audio data into an XAudio2 SourceVoice for playback