sc with waves is more complicated than live compressor... and i dont think its any better.
open the additional tab on the compressor plugin, and select the input track.
thats all, any other tweaking is optional.
and its described well in the manual.
they simply work different (the triggering mechanism) but setting up SC for a waves compressor is dead easy too, read the manual.
and they simply sound different not better not worse, but very very different (obviously the difference varies depending on which of the many waves comps we are talking about)
i also have to say using waves often, i totally like the free SSS http://sonictransfer.com/sss-side-chain ... dows.shtml
windows & OSX
works a treat and sounds great (i like it especially for squashing bass)