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Compression settings and understanding them

Im stuck with my Alesis 3630, Ive found that trying to understand the manual is a real process within itself.
Ive been knob dicking with it for about 1yr now,and have found the good and bad in the unit,but to tell you the truth,I still have confusion when it comes time to really understanding,threshold,ratio,attack,release etc.

Cool Edit Pro 2 Settings

ok i have a very basic, very un-professinal home studio set up...and i am new at this...i am going for an iron maiden, iced earth feel to my music

I have recorded a few songs but scraped them because the sound i had was not what i was looking for...when i play it "live" it sounds really good but going into my computer and coming back out it sounds like crap.