Clipping means that the sound level exceeds the highest value that can be represented by the digital information that represents the waveform. Each sample (of which there are 48,000 per second at 48 kHz resolution, or 96,000 per second at 96 kHz resolution, etc.) can have a value ranging from 0 to 65,535 for a 16-bit sample, or 0-16,777,215 for a 24-bit sample. Say you adjust the levels such that the loudest sound you get will cause the analog-to-digital converter to spit out the highest number. Then you crank up the source even higher. Now the sound that triggers a max value will still be at the same loudness level as before, but there are louder sounds. Since there are no more values to assign, everything louder than this threshold gets the same max value. The result is a straight-line-topped, plateau-like waveform, which does not sound at all natural.
If your music "sounds like the power is being sucked out of it," that sounds more like some other problem... maybe phase cancellation? Are you using multiple mics, or mics and direct inputs at the same time?
-AlChuck