Digital EQ and sound processing

Hey there,

I’m looking into the feasability of using Arduino as an EQ or sound processor. Very simplistically, I’d like to put an Arduino between a microphone, amplifier and speaker and use it as the EQ, perhaps even as a compressor if this is doable. Is this possible for example with the newer digital microphone breakouts that Adafruit is selling? Seems like there’s lots of libraries to make spectrum analyzers and the like, but not I’m not finding anything I think that I could use.

Is this too processor-intensive? Can anyone point me in the right direction here?

Thank you!