I agree with Wanker regarding hardware equalizer. I also have a "Behringer-Eurorack-UB1222FX-PRO-Mixer" and am very happy using it for my friend's band (live music) - It does offer quite a lot for the money. I don't use it for Karaoke at all because it was not designed for the purpose. Besides it has too many functions/controls that would be too difficult for home Karaoke while you only want to have a good time singing (or sreaming into the Microphones) :).
For my home set up, I use this one
http://www.karaokewh.com/item_details.cfm/ProdID/9058-karaoke.html for $140.00. Except for key/pitch control and reverb, it has most of the features that one would need for a decent Karaoke mixer including two 7-band equalizers. This unit is very simple to use and I am very happy with it. Regards.
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Here is the Specs:
Microphone Mixer, digital Echo, Graphics and Parametric Equalizer in One Rack Space! The VP-DA-1055-Pro has the latest features both professional and the home karaoke enthusiast demands. Six microphone inputs with three volume controls allows up to six people singing at the same time. The professional digital echo with digital delay and repeat controls helps the singer sound great! The duel seven band stereo equalizer allows for the precise room tuning of the music. The three band parametric equalizer for the microphones feature sweep mid-range control to lift particular characteristics of the vocal or suppress for feedback elimination. The VocoPro Da-1055 Pro is your ultimate choice for great karaoke entertainment made of professional quality with an entry level price tag.
Specifications3 Dual-Input Mic Preamplifiers Accommodate a Total of 6 Microphones. (3 Front, 3 Rear)
3-Band Parametric Equalizer for Microphones, Features Sweep-Midrange Control to Lift Particular Characteristics of the Vocal or Suppressed for Feedback Elimination.
Digital Echo with Repeat and Delay Controls Help Singers Sound Great!
Dual 7 Band Stereo Equalizer for Precise Room Tuning.
Dual-Source Audio/Video Input Connects to DVD, CDG or Cassette Players.
Vocal Cancel Feature Eliminates Guide Vocal on Multiples CD or Cassette Tapes
Compact 1-Space Design Saves Valuable Rack Space
110/220V AC Mains Switchable Power
Perfect Add on for CDG and DVD Players
Dimensions: 17 1/4" (W) x 6" (D) x 2 1/4" (H)
I am older than the Earth :)