Lets call it a return instead of insert (it's really a send & return). First, the normal use. Plug your mic into an Octane Channel (1) then the send from 1 goes to your compressor's in. Your compressor's out goes to the return of 1 on the Octane. The Octane's pre controls your signal (the knob on the Octane alters the signal) and the compressor's been added to the signal chain. This is what you want for your drums.
Here's the other way I mentioned. If you use the Octane's return without using the send, the Octane is a digital convertor. Say I'm using another preamp, (my MPA Gold--with no digital outs). So I plug my mic into the MPA, and the output from the MPA into the return of the Octane. Now the signal is going digitally to my computer and the Octane is just a converter--it's knobs won't affect the signal (the MPA Gold does). Unless you have other preamps that you want to use, this won't apply to you.
Hope this helps. Let me know if you need more info.
Lets call it a return instead of insert (it's really a send & return). First, the normal use. Plug your mic into an Octane Channel (1) then the send from 1 goes to your compressor's in. Your compressor's out goes to the return of 1 on the Octane. The Octane's pre controls your signal (the knob on the Octane alters the signal) and the compressor's been added to the signal chain. This is what you want for your drums.