How do you use your EQ's, Reverb, and Compression

I usually throw my reverb plug-in and compression on the master track. Anyone have any tips on how I can make my beats come alive. Any production tips are appreciated. I'm also a little confused on using my EQ's. I read in a few magazines to make your drums hit hard, boost it by so many HZ cut the lo frequencies, etc.....
I am using Ableton Live and it works great but I need some direction on how to use some of my plug-ins. Does anyone think I should throw some plugins on an auxilary channel and than just boost from there whatever sound needs it? Let's produce.

One
Chitown Representative