This is a trick I use often and I thought you might find useful.
The Sonitus Compressor that comes free with Cakewalk is the most clear picture of what each of the compressor parameters do in my opinion.
Here you see a spike in a clip. I put the compressor on this and set the attack time at zero so it gets activated right away. I set the release to 1ms because I want it to stop acting really quickly. I just want to blunt the peak.
The two gauges on the left (input) show you the signal level. Here in this snapshot you can see I just passed the peak when I took this snap shot, but it was captured as two green lines where the peak was. I set the little pull down button just below the peaks (here about -10 db). I set the Ratio at 3:1 and the knee to hard, which you can see on the nice graph. I set the limiter on as well.
Now, the peak will be reduced. You may need to adjust the Attack time and the Release time depending on the peak you want to cut.
I’ve used the Sonitus Compressor for over 30 years and it never fails me.