Push a signal into tape. Peaks bend rather than break, the low end lifts where the head sits, the speed never quite holds, and the top end closes as you drive it harder.
Drive
Drive runs from 0 dB to 24 dB and is the amount of level pushed into the saturation curve.
The curve is normalised by the drive applied to it, so a quiet passage comes back out at the level it went in at. What changes is the peaks: at 12 dB of drive, material sitting near full scale is bent noticeably while material 30 dB down passes through as good as untouched. That is why tape behaves as a compressor you never set a threshold on.
The curve runs 8 times over before it is filtered back down. Applied at the source rate it would generate harmonics above Nyquist that fold back as tones unrelated to the music, and nothing downstream removes those.
Head bump
Head bump is a low shelf at 65 Hz, from 0 dB to 6 dB.
On a real machine the frequency depends on tape speed, and the bump is a side effect of the gap between the head and the tape rather than something anyone designed in. It is most of what people mean when they call tape warm. Two or three decibels sits under a mix without being obvious; six is an effect.
Wow and flutter
Wow modulates the playback speed at 0.7 Hz. Flutter does the same at 7.3 Hz, over a smaller range.
Both read as pitch instability, but at different scales. Wow is slow enough to follow, so a sustained note drifts audibly. Flutter is fast enough that the ear stops hearing it as pitch and starts hearing it as texture. Sustained material such as pads and piano shows both clearly; percussive material hides them.
Setting both to zero holds the speed exactly, which no machine does.
Hiss
Hiss adds continuous broadband noise, topping out around -38 dBFS.
It does not scale with the material, exactly as tape noise does not get quieter during a quiet passage. Leave it at zero unless the noise floor is the point, because it will survive every later step in a chain and will be there under the fades.
Example: a stiff programmed drum loop
Drive 10 dB, wow 15%, flutter 40%, head bump 2.5 dB, hiss 0%, mix 100%.
The peaks round off so the loop stops sounding quantised in level, the kick picks up weight at 65 Hz, and the flutter puts enough instability in the sustain that the repeats stop landing identically.