Sorry for sounding so wet behind the ears, I haven't gotten my Player back from England. (my rio car came out of the box with a broken display!)
Does the Player have a digital equalizer built in, or would I have to get one separately?

Greetings!

Not only does it have an EQ, but it has one of the best ones out there. Check out this FAQ entry.

Thanks for the quick response,

Does it have presets like winamp or do you have to do it yourself?

Greetings!

By presets, I am guessing you are referring to preprogrammed EQ mappings for various types of music. No, it does not. You would have to construct your own, based on what you feel appropriate. It does have a number of different configurations you can save, though, so once you build one you like, you can always save it for later selection.