I don't think it would work out only boosting only one channel when listening with speakers. I would image that would really throw off the imaging. My guess is you would want to EQ both channels.
With headphones, I think it would work great. I believe you would want to get an equilizer with independant channel controls. There are a number of these sold by Behringer, Audiosource, and others with many under $200 and a number under $100. The Behringer feedback destoyers would work well for this and are under $100.
Your receiver will need to support an EQ loop, or you can run analog between your most used source(s) and the EQ and then your receiver.
N/A to headphone use -- If you use a seperate amp, you can put the EQ between the pre-amp and the amp and modify the analog signals there. Going this route opens up EQ'ing all sources including the multi channel formats with minimum hassel.