[ubuntu] Unable to list installed presets of Audacious

Hi All,
I installed Audacious player V3.2.1 in Ubuntu 12.04LTS. I am trying to install equaliser presets but they never get listed under Presets->Load Preset-><An emptly list>.
Here's what I did:

1. Download the Winamp preset EQ's
2. Open up terminal
3. wget http://www.xmms.org/misc/winamp_presets.gz
4. To install the presets for the Audacious media player type:
gunzip -c winamp_presets.gz > ~/.config/audacious/eq.preset
5. Close Audacious and start it again.

These steps have worked for almost anyone who has had a problem importing presets, but it didn't work for me. The presets list is still empty as before.
This is VERY aggravating. Requesting for help!

If any other details are needed, kindly let me know.
Thanks,
Aashish.