Sorry its not a fix for your problem..
I m also in your boat
i m using a dell vostro 260
i have also installedmy drivers => conexant HD audio..The latest version from Dell.. it was working perfectly on win7, but after upgrading to win8, equalizer has nothing to do with the sound
Hey, I did not found a solution, but I found a better equalizer (not actually an equalizer..) - SRS Audio Sandbox
It's an application which installs a driver in your computer which will make your sound play with SRS effects/tech, which will increase your music's quality and bass much more than equalizer.
No equalizer needed anymore. SRS Works perfect on W8.