Although I don't support this game, I have to say it's almost perfect for your criteria.
Runescape
It's a third person view game that uses Java, the normal version is free to play. It has classic types of monsters and is very much like EQ. The graphics aren't the best though. They do want you to pay a 5 dollar monthly fee to be able to play the best parts of the game though. It's still considerably large without it though.
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