This workshop will foster an interdisciplinary discussion about how ongoing and future observations of gravitational and electromagnetic waves can be used to shed light on the physics of compact-object formation and evolution. We will bring together experts on: (i) parameter estimation from gravitational-wave data; (ii) astrophysical modeling of gravitational-wave sources and their electromagnetic counterparts; and (iii) gravitational-wave "data mining". This meeting will bring together astronomers and gravitational-wave scientists whose current research covers these three topics. The key questions we aim to address in the meeting are: how can gravitational-wave parameter estimation be integrated with other forms of astronomy to gain a more comprehensive understanding of compact-object mergers? How can gravitational-wave data help us understand the astrophysical processes and environments involved? What improvements are required for stellar/binary evolution models, cluster dynamics, and galactic nuclei for a meaningful comparison to the data? How can we use modern statistical tools to maximize the astrophysical information extracted from the gravitational-wave data?