It's best to not put the RBI in loop. There are a few ways to use it and it really depends what you are trying to accomplish.
If you like the sound of your amp on its own and want to use the RBI as an alternative sound you can run your bass into the input of the RBI and the 1/4" out of the RBI into the front of your bass amp. Then via a footswitch you can turn on or off the RBI. Just make sure you try to set the signal to unity gain. That means the volume of the RBI when the unit is engaged will be about the same volume when it's off. This way you won't overload your amp's input.
As for the compressor it's usually best to use it in the loop of your amp. Just be aware that when using the SansAmp tube emulation on the RBI there will be a pretty natural analog type compression already so you may find you don't need the compressor.
There are many different ways to use the unit. Here is a link to the manual and hook up diagrams of the RBI.
http://www.tech21nyc.com/support/man...amp/RBI-OM.pdf