Thank you for your wonderful responses! I am very new here, and I am really liking the Talk Bass community.
I initially wanted a pre-amp because I thought it would give more flexibility with EQ. As I am quite dissatisfied with the 3 band EQ that I have on my GK MB 108. There is not any specific sound that I am looking for. I am very new to bass, and haven't developed that sort of tastes in bass yet. I am looking forward to explore the tonal capabilities that one can get out of the instrument by tweaking an EQ panel -- it's just that my amp isn't well suited for that kind of exploration.
As I have learnt from you guys, more EQ knobs does not equal to better sound. The parts of an amp that actually produce the sound define an amps tonal capabilities. A better EQ pane's capabilities would be wasted with an 8" speaker with 25 watts of power. So yeah, as Kro suggested getting a better amp, preferably one with an FX loop, seems like the way to go.
The thing is that I just got my amp a month ago. I'm going to ask the store if they would be willing to accept a return with the condition that I buy a more expensive amp. I doubt they'll accept, but it's worth a try I guess.
I'm thinking of getting either a GK Microbass Amp (12" with 150 w), or a GK MBP with 15" or 12" with 200w. I love the sound of the Microbass Amp, but it is more expensive than the others. All of the amps have a 4 band EQ, and the microbass amp offers further filters. As I don't like effects so much, this seems like the best way to go.
If I can't get a new amp though, I'll just try to be happy with my practice amp.
Thanks again guys!