world.exe cant open your database.
check your eqemu_config.xml to make sure the correct login/pw are specified here
Code:
<!-- Database configuration, replaces db.ini. Defaults shown -->
<database>
<host>localhost</host>
<port>3306</port>
<username>MySQL Account</username>
<password>MySQL Password</password>
<db>peq</db>
</database>
then you should be good