Room set up

You need software and hardware to do this.  You to have some kind of unit in between the source and the amp to accomplish this.  Usually that is an HT receiver. Audissey is an integrated software/hardware package built into some receivers with digital signal processing capability, using a microphone to measure in-room response and the DSP capability to vary the levels (and perhaps timing) of the different channels and also to equalize the LFE signal to account for room acoustics. You would have to be pretty handy w computers and DSP programs to do this on your own, but I imagine it's possible to insert a computer with some kind of signal generator, real time analyzer software, a calibrated microphone, multi-channel DSP program, and multi-channel DACs and DIY it.  Makes my head hurt to think about the number of iterations it would take to make 8 channels sound good...yikes!

You will probably need some type of bass absorber to tame the boom.. 

Check out DIY limp membrane absorbers
Or GIK Acoustics has tuned membrane bass absorbers..

I've just about finished my room acoustic treatments, boomy bass is gone, slap echo is gone.. the only reason I'd use DSP now would be if I was setting up surround sound.

BTW, you don't have to get THIS fancy to set up a 7.1 channel DVD/BluRay player.

Get a cheap calibrated mic like the Dayton imm-6 and use it with your phone or tablet and AudioTools to set the levels correctly.

http://amzn.to/2Ax4dFX

You will still need help with the room boom. Personally I use a 2 channel miniDSP, one for the center and one for the sub. That's it. The sub needs it by far the most. The center only because it is in a cabinet. However, I have sophisticated measuring tools in the OmniMic, which let's me set the DSP with precision.

Best,

E

@erik_squires that miniDSP Dirac live precessor seems incredible.. but man, $800. Oof. Have you had a chance to check any of their stuff out? 

Never you mind, you've already answered my question.