Try installing
[Only registered and activated users can see links Click here to register], it's an audio processing app that gets nice results on the phones I tried it with.
You can download it
[Only registered and activated users can see links Click here to register], this is just the xHifi part of V4A.
Unzip the file and install the apk for android 4.0-4.3.
For more detailed instructions on installation look
[Only registered and activated users can see links Click here to register].
For further instructions on using the app refer to
[Only registered and activated users can see links Click here to register].
Things I did to get the sound I wanted:
Delete /system/lib/soundfx/libbundlewrapper.so.
Enable V4A for the headset (Duh).
Enable Audio Reconstruct with values 30 and 15 for the Hi Clarity and Lo Contour options.
Now the ideal Hi and Lo settings vary between headsets, just fiddle around a bit and listen carefully to what benefits your listening pleasure and what doesn't.
I also set the Output gain to 6.0 dB, since I like the extra power when the phone's connected to a stereo, although it quickly becomes too loud for your headphones.
You're also talking about earphones, I don't know what earphones you are using but if you use the supplied earphones you probably won't get any decent sound out of it anyways,
Note: I don't own the iNew V3 but I thinks it's a pretty safe assumption.