The Ibanez SR500-506 is an AMAZING bass guitar (It's in my wishlist

).
Slap somewhere around the pickups, where it's not too tight (at the bridge) and not too floppy (at the neck). Practice just slapping on open strings. Makes sure you finger doesn't stay on the string after the slap, otherwise the string will be muted.
Anyway, you have an AWESOME bass. Try giving it to an experienced bass player and see how much this bass can rock. If not, perhaps something is wrong and you might need to set it up. If I were you, I'd just go to a music store and get one of the guys there to play on it.
I'm sure it will work out. Awesome bass!
