BigLee knows what he's talking about, and I agree fully with him, but I must admit to being a bit partial to the "scoop effect"
My WMP EQ settings;
Boost the low end a little for some extra "oomph" and tweek the high end up for a little sharper clairty, and leave the mid in the middle
A very simplistic way of describing how an EQ works describing sounds with words is like this.
From the low end, the lower controls change how bassy it sounds. The very end of this is pure rumble, then thump, and into punch.
Mids add/detract "tension". Boosting a mid can make, guitar music especially, music sound very "tense" and "tight". They can also add a "harshness" to the sound.
Treble frequencies add/detract "sharpness", "brightness" and "glitter". You can improve clarity with these to an extent, tho too much either way will kill your high end - either making it sound muffled (down) or over bearing (up) as too high makes it very sharp....