It depends...
Your sound card must be full duplex, and have stereo inputs. My laptop failed that test, requiring I go through three different USB preamps to find one that worked (with my laptop). My laptop had some "issues" with the SmaartLIVE drivers - particularly with a Delta Audio USB device otherwise well regarded. I could not sort-out the problem, and had to upgrade to the "USB Pre" - a phenomenal (but pricy...) device that has two XLR mic inputs (with gain control), and numerous other flexibility. The USB Pre is co-sold on the SIA site for an otherwise un-matched price, but is, as I say, still pricy. Were I not using it twice a month live (and frequent tweaking our rehearsal studio), it would have been hard to justify.
You must be able to:
1) input the Pink Noise into the preamp (output from SmaartLIVE).
2) pre the EQ, sample the pre-amp output (whether Pink Noise or other material) - this is the reference signal. I usually grab it from either a "Y" off pre-amp output, or use the EQ parallel input as a source...
3) sample the ambient output of the speaker (one side at a time) of whatever source you are using (use a flat-response acoustic mic)
4) measure the variance between the reference signal and the ambient mic, and adjust the EQ for flat.
Hmm-mm-good...