Thanks so much for your reply. After researching clamping/clipping circuits, I came across this circuit, which I believe is very similar to what you're describing, however it uses an op-amp.
I continued my research further to see if anyone had used a clamping/clipper circuit for audio, however...
I'm working on a circuit involving an incoming audio signal via a 3.5mm headphone jack. The circuit cannot handle voltage spikes greater than 4 VPK. Is there any sort of IC, or circuit that allows voltage under 4 VPK to pass through, but filters any voltage over 4 VPK to exactly 4 VPK? The only...