Ok so I just started using braided line and I must say that I really like it.  However, I am having a bit of an issue.

I went for Black Bass for a couple of hours before work the other day and missed my first two fish because of weak hook sets.  When I set the hook, my line just sheared right out of my reel.  I tightened my drag down pretty good, then I landed a 5 1/2 pound fighter who gave me a run as I fought with my reel.

No matter how much I tighten my drag, my line slips on my reel.  I have my drag tightened all the way, and I can pull out line no problem.  As you can imagine this is pretty frustrating when you've got a fish on.

What can I do here?

Welcome aboard!

The reason your line is slipping is because it is "slipping" around the spool. You need to start over with a few yards of mono or copolymer to cover the spool and connect the lines with a blood knot. Another way to secure the line to the spool is with a little tape.

Gotcha, that's exactly what I was looking for, I was about to machine a hole through my spool(not really, but it was getting frustrating).

Thanks for your help, much appreciated.

if thats not the case then i'd inspect the drag on the reel....maybe it crapped out on you

Once you get it secure, make sure you take your time re-spooling.  After its re-spooled, tie a heavy weight the end and then, if you have the room, let you line out (not in a pile, but walk backwards).  once almost all of the line is out, reel it in slowly with tension and make sure it goes on the spool evenly.