Audacity is a program that allows you to edit audio tracks in a vareity of ways. you can easily download it off the internet. in this instructable i will show you how to use some of the basic features.
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if you take the time to learn it's ins and outs, you can achieve some pretty amazing results. you can plug your guitar, bass, mics, keys or whatever directly into the audio in of your soundcard and record multitracks....the version i use i compiled from source to be ASIO compliant (which means not only does it record and play with extremely low latency, but also can record up to 24 completely separate tracks at a time). this is the best freeware audio program out there, and is really similar to using a cassette recorder...no steep learning curve!! have fun with it!
peace
pink jimi photon
Compressor is kind of like having your hand on the volume knob, turning the sound down when it goes above a certain Db level. you can adjust this level with the "threshold" slider. "attack time" adjusts the amount of time to apply the effect when the level goes over, and "Ratio" adjusts the amount to drop the level.
EQ adjusts the separate frequencies of the signal. at whatever frequency you want to raise or lower, click to create a point. the built-in EQ is a pain to get right, so I suggest getting a VST plugin for the EQ, and maybe the compressor.
Google "VST plugins for Audacity" and you should find something.