...not too sure what you're trying to achieve. The WavePad EQ would apply to something recorded or otherwise played by Wavepad itself, but would not automatically apply to "anything" coming out of your speakers just because the program is active, but not processing.
Generally your sound-card (if you have one) would supply an onboard EQ.
If you only want to "listen" to (not record) your radio, use a media programme (such as MediaMonkey) which will access internet radio as well as play your music collection, podcasts, etc. It would, again, have it's own onboard EQ - thus giving you a single interface rather than multiple ones depending on what programme you're running.
Personally I would find the idea of depending on a Station's Own standalone player as... dodgy? Suspicious? Unnecessary? Just my opinion.
Edit: Upon further investigation, you might try this basic EQ which should hook into generic onboard sound: http://members.aon.at/grxpage/
But I have no idea if it would work for you.