Alot of good advice, alot of comflicting advice lol, but alot of good advice.
What I am saying is that there is no ONE RIGHT WAY to record. As little as 12-15 years ago (even though it seems like forever) most producers didn't have plug-ins to work with and almost all compression was done during tracking. most of the time saving modulation effects for the mixdown (usually from one multi-track tape machine, into the console, effects inserted on whatever channels, out of the console, and into another multi-track tape machine, "man I don't miss those days, THANK YOU TECHNOLOGY!! lol")
I would recommend recording a track just to mutilate inside the computer. Track something and just play with it, try every plug in you have. Then compare that to using whatever hardware compressors you have during tracking. See which way works best for you.
I will also add that if you only have cheap outboard compressors you have to take that into consideration. Most times a plug in may sound better than a behringer autocom pro or something like that.
If you have nice compressors outboard, I will say that I ALWAYS compress kick, snare, toms, vocals, and sometimes bass guitar during tracking. However I use very little compression on most things. I have DBX160's,
presonus acp-88, aphex compellor's, aphex expressor's, ashly cl-100's, and I'm saving up for an 1176. I usually do not compress guitar's and NEVER compress overhead's. Once in a great while I will use compression on electric guitars during mixdown but have not felt the need in several years (maybe I finally figured out how to record them correctly lol) I will say though use very little compression and EQ, but try your best to get the initial tracks to sound the way you want them to sound in the endall. If you track the instruments the way you want them to come out in the end, you will just make the mixing process less painful. I use very little processing when I mix because usually the tracks sound the way I want them to already. The more you find yourself "fixing it in the mix" the more you should rethink your tracking techniques.
In the old days there was no "fix it in the mix" They didn't have multi-tracks in the 50's. Some of the best recordings ever were recorded live in one room while mixing on the fly. As I said before "wahoo for technology!!!"
The one thing I will never record during tracking is reverb. I don't care how much the musician fights me (I may plug a reverb into his headphone mix) but I NEVER track with reverb, chorus, or delay. Once in a while, and I'm guilty of this myself, The song is actually written around a sound that includes delays and flangers and the such. In those cases it just has to be tracked that way. But that is the only exception. The best advice I ever got from a famous engineer/producer is "track it the way you want it to sound in the end" The second best advice I ever got was "if the mix isn't happening, take all the crap of it, remove ALL the effects and plug-ins, most the time you find that if you recorded the tracks right they will not need alot of processing or plug-ins" It is very true, and has helped me alot.
I mentioned EQ earlier and wanted to say something I feel is VERY important.
ONLY CUT, NEVER BOOST!
if you want a more "scooped" sound then cut the mid's don't try boosting the highs and lows. You will only add more noise, think about this for a second "you cannot add something that doesn't exist" I have found that boosting EQ only makes the end result sound terrible. It may sound great while tracking with that electric guitar screaming right in your face after you boost 7k 4db and it may feel like the guitar is rattling your soul after boosting 80hz 5db, but truth be told when you get to mixdown the guitars will sound like hissy mud usually. Carve out the sound you want bye cutting all the crap you don't want. As a side note I always put a low cut on everything that doesn't actually register in the lower frequencies (ala. vocals, guitars etc.) The only thing that should be seen on a spectral analyzer below 80hz is the kick drum
To sum up: if you have good compressors try using light compression during tracking, try using subtractive EQ during tracking, and wait for mixdown to use modulation effects.
I hope this helps a little, keep experimenting! and always remember to have fun!