Sound source localization (SSL), with a binaural input in practical environments, is a challenging task due to the effects of noise and reverberation. In psychoacoustic research field, one of the theories to explain the mechanism of human perception in such environments is the well-known equalization-cancellation (EC) model. Motivated by the EC theory, this paper investigates a binaural SSL method by integrating EC procedures into a beamforming technique. The principle idea is that the EC procedures are first utilized to eliminate the sound signal component at each candidate direction respectively; direction of sound source is then determined as the direction at which the residual energy is minimal. The EC procedures applied in the proposed method differ from those in traditional EC models, in which the interference signals in rooms are accounted in E and C operations based on limited prior known information. Experimental results demonstrate that our proposed method outperforms the traditional SSL algorithms in the presence of noise and reverberation simultaneously.