1. A method for compressing data within a computer system, the method comprising the steps of: receiving, by said computer system, an uncompressed data value; searching, by said computer system, for said uncompressed data value in a static compression dictionary, said static compression dictionary containing a plurality of uncompressed data values and corresponding compressed code values; if the uncompressed data value is found in the static compression dictionary, replacing the uncompressed data value with its corresponding compressed code value from said static compression dictionary and storing the corresponding compressed code value within a data storage device; if the uncompressed data value is not found in the static compression dictionary, searching, by said computer system, for said uncompressed data value in a dynamic compression dictionary, said dynamic compression dictionary for storing one or more additional uncompressed data values and corresponding compressed code values not contained within said static compression dictionary; if the uncompressed data value is found in the dynamic compression dictionary, replacing the uncompressed data value with its corresponding compressed code value from said dynamic compression dictionary and storing the corresponding compressed code value within said data storage device; and if the uncompressed data value is not found in the static compression dictionary and not found in the dynamic compression dictionary, adding, by said computer system, the uncompressed data value and a unique corresponding compressed code value to said dynamic compression dictionary, and storing the unique corresponding compressed code value within said data storage device; wherein said unique corresponding compressed code value is stored within a column in a database table maintained on said data storage device and managed by said computer system; and said static compression dictionary, said dynamic compression dictionary, and compressed code values contained within said column in said database table are stored within a container row.