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What dreamliner said is basically right. The declipping tool can only guess how the signal should look like. Normally the flat "clipped" part is replaced by a sine wave. One way of doing this is to filter apply a low pass filter over the clipping. (The filtered signal will have samples above 0dB)
ancl, I guess applying a low pass filter would be a very unprecise process.
But the thought is right. In principal, music is something like a very very complex fourier series. That means, music is the addition of many single sine waves. When creating a rectangular signal with fourier series, more high frequencies are needed. Basically, clipping a waveform means to make it more rectangular, or, in other words, adding high frequencies to the corresponding 'fourier series'. So high frequencies should be canceled out. (This is why clipping distortion often sounds so shrill.)
Now my theory how declipping works: The default process is to turn the flat (or almost flat) line into a full-blown sine peak (if the program can't imagine anything better). Then a fourier analysis is performed using the areas around the clipped area and the peak is appropiately modulated.
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Using declipping tools properly? To use them properly would mean NOT to use them on post mix samples. Essentially clip restoration tools are made for very limited use to try save a single track (instrument) that may have just touched slightly over 0dB. They were never intended for reducing intentionally mastered clipping. (This is not to say that I haven't used them for this, I have. Unfortunately some recordings need something done to them.
In fact, I often discover samples that sound clipped at a single area (mostly the vocals), but the music is at low volume and the sample structures in this area don't look clipped. After using declipping functions, the distortions are still there. So it seems that the original single tracks in the multitrack editor were already clipped. When they're mixed down, they are clipped again. There is no chance to repair the original clipping, the second clipping may be repaired.
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I do agree that it can HELP to reduce clipping, but they can not restore it to the premastered, non-clipped state.
Yes, someone would have to be very very lucky to achieve this.
I hope you are now a little bit more convinced that I understand what I'm doing.