System and method for equalizing an orthogonal frequency division multiplexed signal having been encoded by spreading subcarriers in the frequency domain using orthogonal codes includes receiving the signal at a receiver (300), demodulating the signal to produce demodulated information, producing a spread frequency domain representation of the demodulated information, determining an equalized representation by adjusting the power and phase of the spread frequency domain representation at least one frequency based on adjustment values, de-spreading the equalized spread frequency domain representation using the orthogonal codes to produce a de-spread frequency domain representation including received subcarriers, determining a subcarrier value for each of the received subcarriers, orthogonally spreading the determined subcarrier values using the orthogonal codes to produce a model spread frequency representation, calculating expected error values based upon the model spread frequency representation and the equalized spread frequency domain representation, and calculating new adjustment values based upon the expected error values.