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I have an 02 EX and I need to put a new compressor in. Should I just let my uncle buy one brand new and put it in, or is this I part I could get used from a junk yard?

Do you guys have any idea on avg prices for compressors?

Also, really dumb question: What exactly does it do? All I know is my A/C isn't working because of it

 
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Your problem could be low freon but then that brings up the question of where did it go.
If your compressor is bad, you can get one from your local parts store around $320, from the dealership for about $400 or from ebay for $150. Take your pick.
I'm assuming you've checked your fuses and relays?

 
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to answer your last question, the a/c compressor is basically a pump that moves the refrigerant through your a/c system.