Shift register help

I'm looking at the above shift register for use with a 7 segment led display, so this is how I think it works as of now: It is an 8 bit shift register, so I would give it serial data, send it bytes to tell it what to to, say I send it a byte that looks like this:
10001100

There are 8 parallel outputs on it, does this mean that I would get this output?:

P1: 1
P2: 0
P3: 0
P4: 0
P5: 1
P6: 1
P7: 0
P8: 0

or would it be this:

P1: 0
P2: 0
P3: 1
P4: 1
P5: 0
P6: 0
P7: 0
P8: 1

Also, is there anyway of adjusting the clock signal? I was looking at the datasheet and noticed that the serial data should be sent at what appears to be half the clock signal, and the chip seems to operate at up to 80MHz, and I can't get Serial data to it at 40Mbit/s...

That's all I know right now, you guys give me any other information that is needed, and correct me if my idea of how it works is way off.

and the chip seems to operate at up to 80MHz, and I can't get Serial data to it at 40Mbit/s

True but you don't have to operate the chip at the maximum clock speed you can use any clock speed you like providing it is slower than 80MHz.

Also, is there anyway of adjusting the clock signal?

You write code to make the clock signal, using digitalWrite to place the clock HIGH or LOW.

There are 8 parallel outputs on it, does this mean that I would get this output?:

Yes

or would it be this:

Yes
It depends on how you write the code that feeds the shift register.

Using the shift out function you can decide by one of the parameters (MSBFIRST or LSBFIRST) Where MSB is most significant bit and LSB is least significant bit.

See:-

awesome dude, you gave me exactly what I was looking for. Thanks a bunch!