I have one of these. There are no "best settings" to use to get your vocals sounding good. The only "presets" you'll get is with the overeasy and auto buttons.
In any case what you want to do is start with the threshold. Set that to - 10and leave it. Go the attack knob and make sure it's all the way on fast. Now turn the knob ten times. With each turn you'll feel a slight click. Go to release and turn the knob four times. Again, turn slowly so you can feel the clicks. Now go to ratio and turn it 25 times. You'll be between 2:1 and 4:1 any place within this number is ok for now. From here you have to tweak according to taste or what you're trying to do. What you need to do is use your ears and listen for pumping/breathing. You'll know it when you hear it as the vocal track will sound squashed or it will sound like you're turning the volume up and down over and over. Your visual clue is the gain reduction lights. You want to be at 6 or 10. 15 is kinda pushing it and anything higher is just too much. The main setting to keep track of is the threshold as this will help determine the gain reduction.
For now, concentrate on understanding the controls of the compressor, how each knob can change the sound etc. From there you go into trying to smooth or even things out by using subtle or slight settings, but you want to avoid extreme cases of compression unless that's the sound you're going for.
You now owe me 50,000 credits.
EDIT: The link to your myspace page is wrong. Theres a coma in there pimpin. myspace,com/Mars when it should be myspace.com. That's another 25,000 credits.
