OK so we know you are starting at the very beginning, but for troubleshooting purposes lets start there or close to anyway). You have been here at some point, but take another look,
http://www.eqemulator.org/wiki/wikka.php?wakka=PlayGuideWe know you have done steps 1,2,3.
Step 4, the eqhost file, is a likely culprit. Check it exists. That your user account has permissions to it ( right click it, properties, security).
Step 5, that the shortcut points to the right place, and has the patchme on end.
also check that the name of the eqgame file is not past max length. in win7, open the folre on your desktop, then the eq folder. in the address bar where is says something like c:\folder1\eq\ copy that and past here so we can see that it is not to long.
try those see what you get.