You can't parse context-free or context-sensitive languages with regular expressions. You probably mean that there are lexer generators that generate a lexer based on a regular expression specification, but you still need to provide a grammar to the parser generator if you don't write a parser by hand.
To be able to produce a grammar specification for the parser generator you need to understand formal grammars. To be able to produce an useful specification you really need to understand the general parsing algorithms and how the specific parser generator works.
All of this is vastly more involved than just understanding regular expressions. And this is just parsing, arguably the easiest part, not generating code or interpreting or all the other steps compilers might do.
Yacc is at least 33 years old, newer tools are better in some ways, for example Bison can generate a GLR parser, but they are just as easy (or hard) to use and require the same knowledge.
> The Dragon Book is however for people wanting to build parser combinators.
You probably meant parser generator, parser combinator is a different thing: http://en.wikipedia.org/wiki/Parser_combinator