Dude 2: It's just this new CD I bought...
Dude 1: OMG bro that's totally equivalent!!
An e-quivalent is the online version of a thing or situation in the real world. Often used to compare novel things on the Internet to familiar things in the real world.
"All this girl's facebook photos are of her kissing her boyfriend."
"So annoying. That's totally the e-quivalent to making out in public."