Wow! I'm blown away by the warm welcome - This seems like a really cool community!
I'm currently a graduate student and my fluval spec V finished cycling about a month(?) ago. I went to a frag expo recently and picked up a few corals: a toadstool leather, an acan, a hammer coral, a plate coral, and some zoas.
Since the lights on the spec V is supposed to be for freshwater, I went ahead and replaced it with the hipargero aqua knight. So far all the corals seem to like it, and all their polyps are out and extended!
As for livestock, I currently have a few snails in there: one trochus snail, one cerith snail, and two tiny nessarius snails. I also couldn't resist getting two small ocellaris clownfish. Now that I think about it, do you think the clownfish will be ok for now in this tank since they're still small? Once I start a larger tank I'll transfer them out to something bigger as they grow. Perhaps something like a tailspot blenny would fit this tank?