You can use Sound Forge to "draw" a waveform and bring it down from 0dB rather than an envelope.  It is a destructive process, however once you've saved the file.  And you can introduce clicks etc., but it is a good tool.
 
Normalization brings up the volume of the entire track, so that the loudest peak only reaches a predetermined volume - say -3 dB.  If the loudest peak is -4 dB, Normalization brings the entire track(s) up + 1 dB.  It doesn't effect relative volume or RMS or anything but vol, and simply provides gain (and can leave you headroom for limiters etc.).
 
@

assuming you are talking about 'PEAK NORMALIZATION,
most ME's do not use normalization.
 
THE PROBLEM WITH NORMALIZATION....
is that it brings up the quiet sections too..
and the background noise, if your recording environ has ambient noise coming into the mics.....
 
 
which, once actually mastered with typical compression and limiting, eq, etc, can throw the intended mix off.
 
you want to look for perceived loudness,  not electronic loudness.

Maybe I am missing something, but aren't we just talking about compression here as the most common way to control transients?  Sure you can manually edit peaks and I tend to do that rather than use an automated process but that is only because I work in classical.  By "taming peaks" it is more typical to use a careful dose of a compressor.  Manual editing is a creature of the digital age and I say bravo if you want to attempt it. But there is not shame in using a compressor if you are smart about it. 
 
Hard limiting is a headsman's axe.  It should be the last process, and the last resort to control dynamics.  It is best to think of it as a stray peak fail-safe measure.  A standard compressor at a lower ratio will maintain dynamics much better, and may be adequate in many cases.  

assuming you are talking about 'PEAK NORMALIZATION,
most ME's do not use normalization.
 
THE PROBLEM WITH NORMALIZATION....
is that it brings up the quiet sections too..
and the background noise, if your recording environ has ambient noise coming into the mics.....

 
Well any gain method is going to bring up quiet sections.  Normalization does nothing to control peaks of course, it just makes everything louder.  The process of modern normalization in a DAW is nothing different than using a fader to bring up the levels or a limiter to bring the highest peak to 0dbfs.  Normalization got a bad rap because of its history as a destructive process.  Also the possibility of clipping the input of plugins and busses in the DAW increases significantly since the headroom is now 0.  It only has real use if you need to bring up the levels of an archival 24bit recording to the highest point before exporting to a lower bit rate.  

What I like about editing tracks (and mixes) inside a good editing program is it is so easy to highlight or select very specific areas.
 
Hard limiting is of course only one process you can apply. If your editor allows you to use most of your VST's then any number of great limiters such as PSP Xenon could be used or a nice compressor instead. The use of a compressor will require you to think about how it would need to be set for a desired result. Such the threshold, then knowing the ratio, how far up you want that peak to go from the threshold. Compressors can change the sound of an attack transient so you need to be careful in how you use them too. (Not too fast)
 
There are softer options to hard limiting. With some options you may have to think how far up a transient might extent. With limiting you tend to think of how far down from 0 dB FS you are going to limit instead. They all have equal intentions and can all sound good too.
 
If you leave most of a track or mix alone and only edit a few peaks here and there, those edits can be made invisible with care, you will never hear them no matter what you process you use. For snares and kicks then leveling out variations can be a great thing too.  I use a VU to check those and match waveform heights by eye as well.  (Adjustable clip gain)  It seems to work for me that way.

My whole point in bring this thread up was to find some options or ideas to limit (pardon the pun) the amount of compression I'm using.  I am starting to realize that my drums in particular are not as open sounding as I want them, and as much as I love compression as an effect at times, I fear I'm over using it.  I do understand recording correctly the first time is optimal, but I've been looking back at some older recordings and attempting to enliven them a bit by remixing without slathering compression on then dumping a limiter on at the end (a tried and true method for sure). The hand editing, although horribly boring and potentially time consuming, really does yield results.  I think I just need to learn to record my source material better to avoid big peaks in the first place!

Are you talking real drums or sampled sounds. It is easier to get a more open sound with real drums. I have just finished recording my Sonor kit and had all the drums very open and in the end I preferred the more distant sound of the drums too.
 
As a player it is quite hard to strike everything so evenly as to get really consistent levels on everything. All hits. But the more practice and playing you do the better that gets. I believe drums sound pretty nice when you don't hit them so hard. They have a fuller sound at that level too. They can get thin when you hit them too hard. With drums it only takes a slightly harder hit too and the level can go seriously up. (rimshots) I edit my own playing in a few spots. Not so much in relation to the grid but evenness in hit levels on snares and kicks in particular.  Pop music needs the snares and kicks to be very constant. Other styles allow for more variation such as Jazz. But more often evenness in levels is important. Drummers should record themselves more and not only look at grid timing but amplitudes of things. It can be a bit of an eye opener. I changed the settings of my kick pedal the other day and it records almost very different now.
 
So if you are down at a medium level of playing then you have a wider range, some hits to get soft and others too loud. It is much better to play even right at the drums. Then after only some very light compression on the drum buss will still keep it sounding open and fuller.
 
More precise editing on the tracks themselves relieves a few processes that would normally be required. You can skip things then. Dynamics control can be light and very transparent but still doing its thing. Big drum sound results.
 
The editor software rules.  The closest thing to a very smooth and even live performance is detailed editing to an existing performance that maybe not so even. It is often only random hits too. It can improve it bigtime. You just have to use your ears and a VU meter and listen over edits to ensure they are transparent.  More work in the pre mix track edit, less work in the mixing.