Re: What's the difference between a noise gate and a compressor?
In the broadest sense, they couldn't be more different. One is designed to work on your intended silences, and the other is designed to work on your intended sounds.
That said, both selectively alter output, each with a different goal.
A noise gate suppresses extraneous (i.e. "non-musical") sound coming from your guitar, such as buzz or hiss. You set it so that it does not alter the intended sound (i.e. "notes").
A compressor is, simply, an automatic dynamics reducer. It reduces high levels and boosts low levels, pulling the extreme levels more toward the average level. Like most effects, you use it to decidedly alter the intended sound.