Absolutely.
People swear by the Velodyne SMS-1. Also, you could consider a Behringer Feedback Destroyer, especially mated to a laptop with
Room EQ Wizard (free software) and a midi interface like the
Edirol UM-1X or the M-Audio UNO.Here is a good link at
Home Theater Shack if you have the time and desire to learn more.
The Behringer solution is less capable, less elegant and far geekier than an SMS-1, but costs about $200 instead of $600. It made a difference in my room, and I enjoyed the process.
Remember, though, all that any equalizer can do is CUT specified frequencies at a certain width. If you have big, nasty nulls, you just need another sub. Or you need to move out of Mark S. Johnson's square house.
