When I drag and drop the eq on an insert on one of my channels its as if i didn't do it.

Is the EQ turned on? Does the EQ show up? can you change parameters or is the EQ not showing up? you may need to reinstall Studio One if these things don't help. These things and more are in the Knowledge base

http://support.presonus.com/forums

Also, start a tech service ticket to get in line in case we can't get you sorted.