UH OH!!! I think the there is a very major misunderstanding going on here about compression! FIRST, COMPRESSION WILL CAUSE THE EXACT OPPOSIT OF NOISE REDUCTION!!!. Let's see why.
A compressor is what is known as a VCA (voltage control amplifier). It's job is to take an input signal, and somehow control it's output from the unit. There are 3 controls on a VCA that will majorly concern you signal. The Threshold (this is at what volume the VCA will start to work at), the Ratio (this is the input to output difference, meaning if your input signal is 6, and your threshold is set to 4, and the ratio is set to 2:1, then at the output of the VCA you would have a signal that is 5 because the input signal is 2 abouve the threshold and the ratio is for every 2 above the threshold only one will come out), and the output (this is what is known as "make-up gain", a very needed thing in the case that you are compressing the signal heavily. Simply the output just turns up the signal that is coming out of the VCA.
The idea of a VCA is to allow you to get more volume out of softer signals while not getting overloaded with the stronger signals. Basically, it makes low volume higher and high volume lower.
Now, this whole compressor as a noise gate thing that the above is talking about. IT DOES NOT MAKE ANY SENSE AT ALL!!! If the VCA is going to allow you bring up the lowest volumes, then any background noise's (hiss, hum, crackle, etc...) is going to be turned up too! So actually a VCA will take away from the signal to noise ratio (the difference between noise that equiment makes and the loudest signal that is present is the signal). So, a VCA is not a noise gate, and actually acts exactly opposit of one.
Hope this clears everything up. E-mail me at ed_rei@echostarstudio.com if you need more help.