just got my peavey firebass 700..looks sweet. i havent tested it year cause i still need to buy a cab. but my question is, i dont see a switch to go between the different ohm settings. how does this work? will my amp know what to do or what?

Since it's a solid state amp you don't need to worry about it. Only tube amps need a switch because the output transformer has specific taps to match the load to the power tubes.

does that also mean,since its solid state, i can buy a cab rated for 8 ohms, and max it out? why do the specs give you different ohm settings? im confused haha

The lower the impendance, the more power the amp can put out. i.e. it is easier to drive a 4 ohm load than an 8 ohm load. As mentioned, with tube amps there is an output transformer that must match the cab(s) impedance. SS amps have no problem as long as you don't go below the minimum impedance.

Solid state amps generally have lower power ratings at higher load impedances. The values are limited by the capacity of the amplifier's power supply and the output transistors. The Firebass is rated 700 watts into 2 ohms, 475 watts into 4 ohms and 275 watts into 8 ohms. Don't let the seemingly large power output diffences fool you. If you played through the amp and compared the volume with it running through an 8 ohm cabinet and an otherwise identical (same mfr, same speakers (except for impedance)) 2 ohm cabinet, the 2 ohm cabinet would only be a teeny, weeny little bit louder...

Two 8 ohm cabs would probably be best. As BillyB_from_LZ mentioned, the difference between 8 ohm and 2 ohm is negliable. It takes twice as much power to get a noticable difference in volume. Two cabs will push more air than one cab and so should seem louder. Also, to maximize volume, use efficient speakers.

sorry for all the questions,haha,but ima newbie will my amp still be loud? has anyone had a firebass 700? did i blow 400 bucks while i couldve bought something better in the same prcie range?

Get two cabinets rated at 4 ohms (which will be stable at 2 ohms) and plug both into your amp. You'll be using 700 watts then. (350 going into each)

A lower impedance is harder for the amp to drive because it has to put out more current for a given output voltage.

I have a Firebass 700 and Peavey 410 & 115 cabs, both are rated @ 4 ohms which allows me to use the max output of 7oo watts. IMO you did not blow $400 bucks, you could not get another amp with that power unless you buy it used. PLAY ON!!!