help - tracks too hot !!! (technical questions)

[nonsqtr]

Hi all, I have an M-Powered mix that's a little too hot. The sound is killer though, I don't want to lose it. So I have a few technical questions, probably y'all run into this "all the time" and I'd be very grateful if you could help a newb...

Question: when a track clips (indicator goes red), and then that track is recorded onto another track (via a bus), I notice that the bounced track does not clip (indicator does not turn red). What is happening here?

Is the software simply "cutting off" the upper level at 0, or is there some kind of "soft limiting" going on (this is M-Powered 7.3)? Or is there something else, some other algorithm of some sort? Hardware action? What's up with this?

When I bounce a track this way, am I to expect that the result will sound exactly the same as the original? In other words, is the playback process doing the same thing as the recording process (clipping, or soft-limiting, or whatever), so it is merely the indicator which turns red even though the actual output level never exceeds 0 dB? Or does the output level go as high as the meter (+6 or +12, depending on which version)?

And finally, what is the suggested way of dealing with "too hot" tracks? This is pretty close to a final mix, could I use some kind of mastering tool like a brick-wall limiter or something? Or should I just record the track and be done with it? What other tools are available? I've heard of "tape saturation" plug-ins, are they any good? Will they do what I want? (I want my stuff "not to clip" and not to have any of that harsh nasty digital distortion).

Thanks very much for your input. :)