As I have talked to other Protestants and Catholics and was reading a book on church history (written by a Protestant), it seems to me that there are two views, among those who accept said doctrine, on the application of Sola-Scriptura.
One view would be a normative (I take these terms from the arguments used over worship) view: basically, Scripture has all things (when interpreted properly) that are sufficient for the Salvation and edification of the Believer, but especially in terms of spritual matters, anything that does not contradict Scripture is allowable (as an Episcopalian, we believe in the Real Presence [in my readings and looking at Church history, it seems the idea of the Real Presence, although perhaps not transubstantiation, is defensible and, even if it is an incorrect doctrine, it does not propagate sin] and are liturgical, a modern Baptist is memorialistic and very free form in worship). A normative view would allow for the importance of Tradition and the Magisterium (as my Chaplain likes to say, she views at as a tricycle with the Scripture being the ‘big wheel’ and reason and Tradition/Magisterium being the two ‘small wheels’ that, while not as central as the ‘big wheel’, are still very important for a fuller and more correct understanding of Scripture and God).
A regulative view of Sola Scriptura would say that if something is not expressly mentioned in Scripture, then it is not allowable. This is the argument used by the Church of Christ (the denomination…all Believers are part of that One Holy Catholic (Universal) and Apostolic Church founded by Christ [thus, ‘of Christ’]) to forbid the use of instruments in worship.
Personally, I believe a regulative view of Sola Scriptura is indefensible. In reading Christian apologist J. P. Holding of Tekton Apologetics Ministires, he discusses how Scripture is ‘high-context’–meaning that information that the Divinely inspired author(s) would have assumed their immediate audience to understand would not necessarily be explicitly repeated–and written not to us personally (it was written to people living in different cultures and circumstances and addressing various issues using different genres of writing). Thus, to take a regulative view would seem to be the perfect recipe for disaster (and look at the Church of Christ…).