Hey good samaritans, I just looked at the Newbie forum, and there ought to be a sticky there for "start here if you know absolutely nothing". If anyone has written, or feels like writing one, do the newbs a favor and get it posted as a sticky over there.
I thought it was a joke. This question would get flamed in the Newbie section too.
TW1 you should try out the mixer and compressor in your software. Read the Audition manual about them. You'll see what they do. Hardware versions do the same kind of thing as a software mixer and compressor. Then ask questions.