Thanks to all for their technical advice and opinions.
Basically, I have been recording at home for several years, on a TASCAM 244 which uses cassettes and the 4 tracks Side A R&L and Side B R&L all going one way. Tracks can be bounced to add more etc.
The 244 has a built in mixer with EQ but NO onboard effects.
So, my experience has been entirely with outboard gear and I have accumulated several pieces over the years with which I have become familiar.
So, I know how to hook my compressor up to the 244 so that I can use it in the chain on the way in, OR on any one, or group of, tracks after they are recorded without having to send the modified track to be recorded on another track (tracks are precious in a 4 track environment and you lose quality and flexibility when you bounce)
But, I was unclear on how to do add compression/or FX later in my new digital environment using the gear I have, if I wanted to. I read about others here doing just that and wanted to see what the best approach was. The only way my simple mind could figure was to send out to the FX and back in and "record" the modified signal on a new track. But as you can see my past thought process was to conserve the use of tracks..... which I have alot more of now.
Thanks to all!