Things to check are that no-one in your house is running BitTorrent at the moment, or otherwise running a large download that is saturating your Internet connection. The UDP protocol used by EQEmu can be sensitive to packet-loss, especially it seems, the login server.
To see if you are getting packet loss, you could open a command prompt and execute
Code:
ping -l 1400 -t www.eqemulator.org
and let it run for a while.
If your DSL/Cable link is not busy, there could still be issues at your ISP or other networks between your ISP and the login server.
If you are using wireless, try a hard-wired connection to your router, if possible.