Okay, I'm looking at the original question...(regarding clipping on mixdown), and the answer to that one is easy. Turn down the master fader until the tune can play all the way through without a red light going off. If you're watching your meters, this isn't all that tough to accomplish.
Now, what you do with the file AFTER you've mixed down depends on how well you controlled the peaking before mixdown. If you have a file that has 90% of it at -20db, but one spike at -1 db, and you "normalize," then all it's gonna' do is bring up that spike (and the rest of the mix) by a whopping 1 db, which means 99% of your mix is gonna' be at -19db. Pretty whimpy.
Hard limiting is nothing to be scared of, but you have to make sure you use the correct input gain boost. Otherwise, yeah...you can squish the crap out of the mix, kill all the dynamics, and possibly get some other distortion in the process.
As far as a "magic plugin," there's not one, but they're getting closer. The Waves L2 has attack and release settings so fast that you can pretty much bring every single tone to within -.01db of clipping, without clipping. I personally hate that sound, but 90% of the "pro" mixes I've analyzed recently use it.
Incidentally, I'm no pro, but I've done a ton of reading lately on mastering, and if there's any general consensus, it would be that it's about a 4 stage process.
1. Limit the really big peaks;
2. Use multi-band (3 or 4) compression at a VERY moderate ratio of like 1.2:1 on the lows; 1.1:1 on the mids; and 1.5:1 on the highs.
3. EQ & DE-Ess to taste;
4. Hard Limit to finalize.
I don't think there's a magic formula, but every article I've read includes each of these steps at some point in the mastering process, so I'm just passing on what smarter people think they know.