Phase at what frequencies?
See, the hard thing to do is constant phase (see above!) -- but if you're not correcting for something that's constant phase, you certainly don't need it for the corrector!
Electrically, lumped filters are the easiest. If you're correcting for the phase shift of an electronic filter, you need to use its phase dual (which, by the way, is nontrivial to synthesize -- at least, I expect so, I haven't seen how it's done).
If you're correcting for cable delays, forget about it -- you need
miles of cable for that to matter. (Ma Bell figured that all out, back in the 1930s! The journal articles they wrote on the subject are free, by the way -- if rather technical and dry.) Basically irrelevant in a normal audio system.

If you're correcting for delay, again you don't want constant phase shift -- indeed, you need linear phase shift. Just think of how many sine waves fit in a given length. It's proportionally more at higher frequencies, and phase is the angle in a single cycle, therefore -- linear phase shift.

Now, this is rather hard to create through passive electrical means: it would take enough cable to, well, build a telephone company! You can make a lumped transmission line equivalent, but that sucks (the number of components goes as delay * bandwidth^2!). So, it's done either through acoustics (where the speed of sound is naturally lower), or digitally (where the signal can be stored in a RAM chip, delayed arbitrarily). Both are common in effects today.
(There's also the analog equivalent of the digital delay: a bucket brigade device (BBD), now a relic of times passed; you'd make the discrete equivalent with a chain of op-amps (to regenerate the signal) and switched capacitors. Needless to say, no one sane does this.

)
Tim