The eeQu client is an Android app built using the Android ADT. This is the most important part. Also note you will probably need to install the appropriate driver for your phone in order to run the app but the Android guide does walk through that. It is a very good idea to build a 'Hello World!' app before attempting to build the eeQu client.
In order to clone the eeQu repo it is recomended you use the TortoiseHg program. Once installed create a folder on your desktop called "eeQu". Right click -> TortoiseHg -> Clone. Here you will need to enter the source for the clone which is:
"ssh://sourceforge-username@hg.code.sf.net/p/eequ/code"
Hit Clone, wait to enter your password, and the current state of the repo will be cloned into that folder. Next open the Eclipse IDE that was included in the Android ADT and go File->Import. Under Android select 'Existing Android Code Into Workspace'. Set the root directory to the eeQu folder on your desktop then select 'Copy projects into workspace'. Click finish and the IDE will copy all the files into your Eclipse IDE's workspace. You can now delete the eeQu directory on yoru desktop.
To run the eeQu code on your phone you will need to setup a Debug Configuration for Eclipse. Go to Run->Run Configurations... Create a new Android Application and call it 'eeQu Build'. Make sure the project is set to 'eeQu' and Launch Default Activity is set. Under the Target tab select Automatically pick compatible device to automatically run the app on your phone.
From here on out you can use the Right Click->TortoiseHg->Commit option from windows explorer to push updates. (Ensure push after commit is set to 'default') and use the Update option to pull changes from the repo.
If you have any trouble setting this up please contact an admin.