A headset having game, chat and microphone audio signals is provided with a programmable signal processor for individually modifying the audio signals and a memory configured to store a plurality of user-selectable signal-processing parameter settings that determine the manner in which the audio signals will be altered by the signal processor. The parameter settings collectively form a preset, and one or more user-operable controls can select and activate a preset from the plurality of presets stored in memory. The parameters stored in the selected preset can be loaded into the signal processor such that the sound characteristics of the audio paths are modified in accordance with the parameter settings in the selected preset.