i would recommend setting up a stereo mic somwhere in the room and record to minidisc or tape even... whatever, and then sync the 2 audio recordings together in cake walk, youd then have much better sound, or just upgrade the mic on your camera..
although with eq you can do some fixes, but nothing to save a bad>terrible recording...watch where you stand or where you place the camera, make sure you arent too close to speakers or too far...try and get in the middle of the room for the most accurate sound