"Equalize" can be interpretted at least two diffeernt ways. Do you mean an effect that reacts to frequencies in an audio track or do you mean a way of equalizing out pixel levels and hues?
For the audio, you can get a freebie from Noise INdustries called FxFActory. There's a free set of plugins for that system that will do what you want in response to voume levels .
Umm, wait a second, the VU meters plugi is from a different outfit, Wait...COREMELT VeeYou2, that's what it's called.
That's not just one AE effect, that's accomplished by using many techniques. You might try looking at some of Andrew Kramer's tutorials on Videocopilot.net.
There are effects that come with After Effects that can get you audio reaction (not quite like what you've shown, but close. Audio Waveform and Audio Spectrum.
Anyway, you can use those or any of the various ways to get image movement based on audio and then use the result as a track matte for your footage.
from all your replies .. i realized it's not that easy :-s
Thanks to all of you for being here for me i really like you being that active and not leaving my questions with no answers (That's great , Bravoo!)