BoxOfSnoo: Yup, probably better than most. Do you?
F4LL0UT: Well, I know that audio compression refers exclusively digital audio data so it does not apply to vinyl records which aren't even a digital medium. Also data loss caused by the limitations of a CD does not count as audio compression, neither does a simple reduction of the sample rate or resolution in order to reduce space or bandwidth usage.
Actually, no: compression does not exclusively refer to digital data.
If you would have read my reaction to BoxOfSnoo (see above), you'd have seen that audio compression can refer to either data rate compression (that's the one you talk about) or to dynamic compression. Since I use dynamics compressors (Waves, Digidesign, Avid) almost every day, I think I know what I talk about. I also use data rate reduction compressors to generate MP3's and the like.
Of course there is no data rate compression in analogue audio, but dynamic compression has been around for ages, both for analogue and digital.
For more information, try and see if you can get Bob Katz' Book: "Mastering Audio - The Art and the Science." and/or
John Watkinson "The Art of Digital Audio".