Re: Whats a compressor/limiter?
Compression and limiting are based on the same thing, compression uses a low ratio and a lower threshold, limiting uses a high ratio and a higher threshold. Most guitar pedal compressors aren't true compressors, we are talking more about the rack thing here. There really is no point at which one becomes the other, kinda like arguing at what point overdrive becomes distortion. Download the Manual for the Alesis 3630 or a DBX compressor, and read through to learn what the terms actually mean (just about all compressor manuals feature a section of theory of operation).
True compression lowers the loud parts slightly and boosts the softer parts slightly, limiting lowers the loud parts to a certain level or by a certain amount while not boosting the softer levels. Some compressor units have both a compressor and a separate dedicated limiter, so that you can set up a certain level of compression, and still have a preset limiter function, for say PA work, where you need to compress a channel somewhat, but still need to prevent clipping on a large peak, or protect a driver from a peak, while keeping say a person's voice above the background noise in a paging system in a noisy factory.