sound card Idea

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I guess ive been thinking up in my head an Idea that some one here might know something about. IS there hardware/software that could compare the source (line out of sound card i guess) to a input signal (from a microphone, line in) and make real time adustments to Equalizer,delay,etc. My thought would be that with such a product the line out of the computor (to a hi-fi stereo system) could be looked at on the computor from real time microphone input. then adjusted for diferent rooms like a real time computor controled crossovers. could have many aplications such as making adjustments to componsate for other noises in the room (noise cancelling thats not in the source signal, air conditioning, people talking during the best part of a banjo solo, rolling the window up or down in the car, engine noise,etc. but more important would be that it could boost/cut parts of the out put depending on what the microphone is picking up. could make speakers sound the same in any room if you sat near the micraphone i guess. i hope this makes some sence.?
 
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