Best to do this at the router level if you can
== posted in a similiar thread ==
You can look into using something like DD-WRT on your router (most routers support this)
and doing QoS (quality of service). You can throttle/limit network traffic per protocol (HTTP/torrents/etc) and also prioritize traffic like EQ. There are lots of ways to set it up.
DD-WRT (or OpenWRT or Tomato - all similiar) give you much greater functionality that what ships on your device.
http://en.wikipedia.org/wiki/DD-WRT
Good guide on QoS:
http://www.dd-wrt.com/wiki/index.php/Quality_of_Service