You can also achieve this without using an external program by editing your eqw.ini file.
For example, in Windows 7 you change the offset values under the [Positions] section to be -3 X and -25 Y. So if you have a 1440x900 resolution monitor, under that section you'd have:
1440by900X=-3
1440by900Y=-25
Different versions of Windows will have varying dimensions of the window border.