It delays the audio so you can listen too it a few seconds before it actually goes through. Basically the same thing radio stations use.
Also is there someway to have the audio automatically adjust the volume. Like for example if it detects a large spike, like someone yelling then it turns the volume down and if it just detects something like music with a lot of different audio levels it just sets a limit so it cannot kill your ears.
Broadcast Delay or Profanity Delay, I don’t off hand know of one in a plugin format though, they are usually hardware devices inline.
A compressor is the simplest solution to this, but based off the above what you are likely looking for is an AGC (Automatic Gain Compensation) Circuit. Again off hand I don’t know of one in plugin format as I am often using ones in programmable DSPs for clients, but this I suspect is probably in plugin format somewhere. But otherwise a compressor can be gotten somewhat close, just pay attention to your timings and especially make sure the release especially is long enough you don’t get pumping and is much more gradual than most compressors are used for.