How should I hook the following equipment up??

[Bristol Posse]

The reason I got the compressor in the first place was someone on youtube said my voice and mix would sound alot better with a compressor.

And you ran out and bought one because of that, really

If you're unsure of how to use a compressor then your sonar software will be a great help to learn how to use one. There should be at least one bundled as a vst effect to get you experimenting on using software compressors
I'd also route some recorded tracks to your hardware comp to get a good feel for what it does and how it sounds at various settings and levels of gain reduction. the benefit of using pre recorded tracks is you can use the sames performance for each setting and get a clearer picture than if you try and use live when there will be big variations in each performance

That'll give you a good idea of if tracking with compression is what you want to do or if it is something you prefer to add after the recording is done