From Expert Sleepers:
Spectral Conquest is an effect plug-in that lets you directly manipulate the frequency spectrum of audio signals. The incoming signal is analyzed via a FFT (Fast Fourier Transform), resulting in the familiar spectrum plot where the full audio spectrum is split into a number of narrow frequency bands. The outgoing audio is then regenerated by an Inverse FFT. The interesting bit is that the plug-in lets you modify the frequency spectrum in between. Spectral Conquest allows you to modify the spectrum in two ways: by setting a multiplier for each frequency band and by applying a script to the spectrum.