It works really well with a nice paragraphic EQ so you can see what you're doing to the EQ curve. But like Miroslav said, boost the heck out of something and "sweep" it back and forth along the frequency spectrum to find something you don't like...then cut it! Alternatively you can do a very dramatic cut and sweep it across the spectrum until it just sounds better and then raise the cut a bit (if you need to!) to find the sweet spot.
Additionally adjusting the Q can have a big effect on sweeping an EQ. A wide Q setting will boost (or cut) a lot of frequencies at once (wider bandwidth) so you can sort of hone in on the essence of the track and find where the character of it rests. While a narrow Q setting will give you a really precise means of honing in on a specific frequency.
Lastly, I find that it helps me personally (technique only) to drop the volume of the track to where I can JUST hear everything in it. It helps my ear isolate the parts (frequencies) that I feel need adjustment and I can cut them out to try and even the sound.
As always, it's usually best to do this with the whole mix running so you can get a good idea of where the track fits in relation to the other tracks.
Hope that helps! There's a TON of information on it in several places, but look up "Tweaks" home studio guide to find a lot of good explanations written in a way that's easily understandable.