i could think of 2 things.
either, you set up wrong and are trying to connect to live EQ servers, using your EQEmu login info,
or you didnt set up your log in accounts at
http://www.eqemulator.org/.
need to go there, make an account. log in to that account, click "User CP" and on the left side of screen there will be a link for "Login Server Accounts". Click that and in the top center of your screen you can click on one of the empty "Client Login Accounts". create a username and password for it and you're set