This definitely sounds like a dual/quad core issue. You can find if you google the problem of "Dual Core Graphics EQ" a fix listed somewhere in the live forums. Essentially, you have a few options as to fixing this. Your first option would be to set the Affinity of EverQuest while it's running in your task manager to just 1 CPU core. Since technically it is not going to impair your performance with EverQuest, it's a definite first step.
Second, if you're working with an AMD Dual/Quad, you might want to try installing AMD's Processor Optimizer that they have on their site. It essentially optimizes the timing on your two cores automatically. There are other programs provided by AMD that may help in this issue as well, CNQ (Cool N' Quiet) is also another tool that may help.
Third, (solution helped with my problems. Avatar speed glitches, graphics, crashing) is to download WinEQ 2. It's a program that allows you to run EverQuest windowed. Granted, I keep mine maximized, it has eliminated nearly 100% of the issues I have been having.
Hope this helps.
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