There are no "good" settings when it comes to compression because it all has to do with how you record your tracks as far as volume, EQ, how stable you sing as far as variances in volume level, spikes, etc.
...(whispers)...However, in cool edit I have a little preset I've saved called "sweet starting point". Its 2:1 > 9db (or was it >9db?) Can't remember now! Anyway, set your scale on the right side of the screen in edit mode to show you the graph measured in db. Then what I do is to look at the wave forms, get an idea on where the general point of accepted highest peaking wave SHOULD be in relation to the rest of the song's waves, then I adjust the (9)db to whatever db should be appropriate. Then listen. Undo if you have to if it doesn't SOUND right or if you still have out of control spikes adjust your db level up or down accordingly and so on.
I'm no pro mind you, but that's how I do it. At least for starters. Then comes EXPANSION!