Ay yi yi
All good advice, but no one answered the guys question.
So...
The "input" knob should, by it's definition, need no further explanation.
The "threshold" knob is used to set a point that will determine when the compressor will be active. Usually expressed as a negative number...e.g. -10, -15db etc.
The "ratio" is an expression of how much compression will be applied to a signal that passes thru the compressor above the set threshold. I.e., a 2:1 ratio means that for every 2 decibels of signal above the set threshold, the compressor will output 1. A 3:1 ratio (a "higher" ratio) does the same thing, only more so. Higher compression ratios affect the signal much more by outputting even less of the signal above the set threshold. High compression ratios (usually 10:1 and above) are referred to as "limiting", hence the term compressor/limiter. In general, you want to stay away from high compression ratios, especially for vocals. But this is not a hard and fast rule (and truthfully, there are none, just good sense and guidelines) and I have actually used some really wicked high compression to great effect.
The "attack" knob sets how quickly the compressor will react once the input signal is above the threshold. It is expressed in milliseconds. (ms)
The "release" knob sets how quickly the compressor will cease to be active after the input signal falls back below the the threshold. Also expressed in ms.
You have to have some idea, a point of departure if you will, of how to use the tools of your chosen trade. You can't just turn knobs and hope that it's gonna eventually sound right. Someone said "A thousand monkeys sitting at a thousand typewriters will eventually type War and Peace". You can have all the ingredients to make a cake but if you dont combine them correctly, its gonna taste like a mudpie.
There are some really good mags that dedicate the bulk of their editorial to the project studio owner. "Recording" magazine, "FutureMusik" (a UK publication), Keyboard...etc. Even MIX magazine, which is the professional industry publication has a ton of useful tips and techniques engineer/producers at the top of the game. MIX mag has a tendency toward being really technical but you'd be surprised at how much of it you'll pick up once you immerse yourself.
Peace