From your description and the comments, it appears that this program is not an equalizer (as understood in the audio industry and referenced by commenter K. Zheng) but a real-time display of a signal's power spectrum. Regardless, it's a useful demonstration of the DAQ toolbox.
An excellent, deviously simple tool. The code is well commented, and I was easily able to modify it to include a new input argument: a function handle that executes AFTER the object has been dragged. (I will contact the author with this addition, in case he'd like to incorporate it.)