^ That's right
In fact it's exactly what it means - the term 'bouncing' comes from the old days when you had used all of your available tracks on tape. You'd 'bounce' 8 channels into one, to free up the other 7. Why the word bounce, I dunno though.
One thing that should be made clear to BaseBass though;
I'm having a hard time understanding what the consequences are. When I have built a kick-ass snare, and I might want to re-use it in a new project... how does this affect the snare when I load it in as a wav?
The main thing to be careful with is any processing in your master channel.
If you have all sorts of stuff in your master channel and bounce the snare, it will have those effects on it. Now if you re-import that snare, it's going to be running through all those effects for a second time. Another reason (IMO!) to keep your master channel clear.
Laurend sort of touched on that but I just wanted to make it more explicit