So I asked my buddy if he had any baitcasting setups that he doesn't use much anymore and he lent me a 7'6 Medium Light Ugly Stik with an Abu Garcia 5500C Ambassadeur reel. It says the line can be 6-17#. 

 

I'm just trying to figure out what would be best to fish with this set-up and what line I should spool up with. Any help would be perfect you guys! 

Hmmm... I think you've got too much reel. You should be able to fish 1/2 oz cranks/lipless/poppers etc just fine. I like braid with mono/fluoro leaders, but for the sake of simplicity while you're getting used to that setup just use 12-15 lb trilene XL

I wouldn't use that for Texas rigging or anything, but if that's your only rod, who knows. Give it a shot. Just stick with about 1/4 oz or less bullet sinker and lighter wire hooks like 3-4/0 owner twistlock lights so you don't overpower the rod and still get decent penetration. I think it would be difficult to detect a bite, so watch your line like a hawk and be ready to execute a mondo hook set. And that reel probably has a ton of drag, so be sure you keep it backed off to protect your line, rod, and hooks. Good luck!