It's more than just a bouncing line. Spectrum analyzer does three really useful things to help you mix. Find out what they are in this post, and get the free "Frequency and Pitch Chart" PDF.
Before you can EQ a sound, you have to know where to find it in the frequency spectrum. Learn what frequencies you need for EQ'ing your sub-bass, low-mids, midrange and highs, with exact numbers in Hertz.