If you don't mind needing BL-Browser and having to make a video with an equalizer for every song, you could use a set of tall, thin bricks that show only a single column of the equalizer. It wouldn't change the height of the bricks, but it'd have lights going up and down them.All you'd need to do would be make a fairly simple model (it's a rectangular prism with some fancy UV mapping, I don't think that should be TOO hard) and find something that makes equalizer videos for audio files.
an external program to generate the data into a text file or something, once you have that part it'd be easier to figure out how you want to get it into the game itself