<curmudgeon mode ON>
I've yet to see a demonstration of any software room correction tool that can correct problems in a small, square room. So my advice would be to hold off on investments in tools like ARC and Sonarworks... there are some laws of physics that software still can't violate<G>!
Placement and Room treatments - absorption, diffusion, and reflection - will only get you so far. A room with equal room dimensions has physical problems that can not be fixed in software nor with treatments. HOWEVER, the problems can be minimized, and quite often reduced sufficiently that you can do good work. And ignoring placement, absorption, diffusion, and reflection is a pretty good recipe for frustration<G>!
Which overlooks the fact that some of our favorite records were tracked and mixed in control rooms that make the average bedroom studio look downright brilliant. But that's no excuse to leave a room alone, I mention it for the sake of completeness.
You CAN learn everything you need to know about small space acoustics from a variety of textbooks. You may be able to learn some of it on the web, but I wouldn't want to spend the effort sifting good from bad.
Placement - placement is the king/queen of tools, get the placement as good as possible and you'll need less treatment (most of the time, I am sure there are rooms that prove this by exception<G>!)
Absorption - keep it as wideband as possible - tuned traps introduce as many problems as they solve. And don't (as others have said) over do it. A dead room is often more difficult to work in than a live room with problems.
Diffusion - Diffusion requires distance to take effect. Different patterns require different distances. Find out if you really have the space to use diffusion. And remember, in addition to all the really cool math based diffusors there are book shelves, poly-cylindrical diffusors, and other tools at your disposal.
Reflection - Reflection does not get the respect it deserves! Sometimes it really is as simple as redirecting the energy to someplace where it does less harm.
If you are going to make a living as a composer or producer I still think an experienced acoustician / studio designer is the way to go. Curiosity is a bugger though, and I'm glad I had to learn about small room acoustics. It is fascinating stuff.
Same goes for the treatments - if you are making a living from the room invest in products from reputable manufacturers. If you are not quite there yet then have fun making them yourself.
<end curmudgeon mode>