The old-school approach, and where multiband compression first came about, was to simply split off a signal to two or more mixer channels, and then use an eq to isolate certain frequency bands in each channel, process them however you want, and then sum them back together. This is so easy to reproduce in Reaper or any other DAW that I doubt specific instructions are even necessary. Actual multiband compressors and such make this task easier to manage. But REAPER actually includes some very sophisticated features that allow you to build your own multi-channel effects chains within a single track, greatly simplifying mixing and signal management. Nicholas' REAMIX guide is well worth the price of admission for his detailed and reaper-specific walkthroughs of these features alone. If you're a beginner to recording, REAMIX is a very valuable technical and aesthetic guide to general mixing. If you're experienced with conventional recording, it's actually even more impressive as it really gets into some of the incredibly powerful features that specific to reaper and that could easily be missed. Check it out.