QUOTE (slks @ Sep 7 2006, 16:23)

The only clipping ReplayGain prevents is clipping due to lossy encoding. If there is clipping present in the source material (CD), there's nothing you can do. And you'll still have the dynamic range compression.
By lowering levels, Replaygain definitely can prevent one form of clipping: that which occurs in D/A converters and output stages that cannot properly handle signals at 0dB -- which turned out to be most of the CD players that were examined when the issue was first raised (in the late 1990's IIRC). I don't know how today's CD players perform in this regard.
Obviously whenever Replaygain *raises* levels, this 'prevention' does not apply -- in fact the track may actually now clip on playback, because in an attempt to make all tracks play back at a similar level, the peak level of this particular track now exceeds 0 dB. Foobar2K has an option to look ahead and prevent this from happening.
However, the clipping actually 'mastered in' to the recording due to compression and limiting during production -- i.e., what shows up in waveform views as flattened peaks more than a few samples wide, generally at or near 0 dB -- will still sound like clipping*, in any of these situations. For those there's nothing you can do other than attempt to 'rebuild' a rounded peak from a flat one, as 'clip restoration' algorithms do. It's a guess, not a resurrection of the original unclipped recording (if that even ever existed!)
(*Realizing, though, that not all visible clipping is necessarily audible. It matters how 'wide' the flattops are, and how closely together they are spaced. Sometimes waveforms look worse than they sound.)