OK, let's have a part 2.
Diodes and their forward voltage.  Diodes can be used to clamp voltage, or for clipping.  Anyone who has built a distortion foot pedal knows this, let's look at the clamping voltage difference between a DMM and an applied sine wave using a scope with the LED in circuit.
First we measure the forward voltage of a red LED using a DMM and note 1.8v
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Next we build a little circuit with a 10k resistor in series with the LED.  Inject a signal (1khz 6 v p to p) to 10k resistor, put the scope probe between the resistor and LED anode and ground the cathode of the LED.
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When the sine wave and clipped signal traces are superimposed we get the following.  Note how it is clamped to approximately 2v only on the positive side due to the fact that we only used one LED and the orientation of LED anode connected to the resistor. (scope set at 1v/div)
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Now let's look at what happens when we throw a large signal at the LED, something we might see in an amp.  Below is a 22v p to p signal from a Wavetek function generator into the same circuit. (scope set at 2v/div)
Note how the clamping is now nearly 5v and the edges are more squared off! Wait, the Fluke says 1.8v Fv  
 
 
FYI, there will be no change in the nearly 5v clamping if a 470k r is placed parallel to the LED simulating a potentiometer, grid leak or other real world impedances down stream.
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Finally, to add a little scope learning, if I'm lazy I like to use the XY function to look at the knee of the diode.  The following demonstrates the sine wave of the two traces with the channel display set to XY.  Note how the knee is at the same 2 volt clamping level that was shown a couple of images above:
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edit: We can clearly see from the scope shots that we need s signal at least 2x peak to peak the forward voltage of the diode to have clipping. Now think about foot pedals with a single nine volt rail split for opamps -it doesn't leave a lot of working room to throw a "relatively" large signal.
I hope that some good can come from these posts.  I would encourage others to join with their tips and tricks.  In closing, know your test equipment and experiment, experiment, experiment.