Did you install directx9c? And no, it does not matter if you have dx11 as part of Windows 7. Installing directx9c will not overwrite dx11 it merely adds the runtime components, some of which are required by Everquest.
You can download dx9c from
http://www.microsoft.com/downloads/e...V008JDDg%3D%3D
The devicereset error is almost always a driver issue or a failing gpu.