amp is hot!!!! Help!!!!

You did not mention where the EQ was set. I would assume you placed it in the audio chain to alter the tonal balance. If that is so, be aware that for every amount of boost you apply to the EQ in the frequency response, you are "turning up" the power requirement of your amp at that frequency. Depending on the EQ slope design of this product, first and second order harmonics on either side of the band are effected to some degree as well. Lets say you have the bass turned up six DB plus, in that case, your amp is now producing three times or more the output at that frequency as it was before you inserted the new toy. As your amp is required to work harder, particularly at low frequencies, it will produce more heat as a by product. This may or may not be a problem with long term use.

Sean has hit it, the same point I was making. The issue is not the place in the system the EQ resides, but rather the fact that the equalizer has a huge effect on the power required to drive your speakers. You are not necessarily doing wrong, but it would be better if you achieved good tonal balance by equipment selection and tweaks. The end result would be cleaner, lower distortion, and less fatiguing than with the EQ added to the signal path.