*High Five* I literally just did this yesterday, too! I think I can answer some of your questions.
Yes, you can contribute the full $5500.
catcc's post is correct, there is a minimum amount you must invest at Vanguard. You will need $1000 in the account before you can actually invest it; until that point, your money is held in a money market account (I think). So it's still your money, but it's as if it's in a savings account, more or less, and you're not earning market returns on it.
When you have $1k, you can invest in targeted age funds that are a blend of different bond and stock percentages. The date gives you an idea of who they are targeted toward, but if you look at the details, you will see the actual breakdown of indexes and their %. You can choose a nearer date fund with a higher % of bonds for lower returns, but more stability, or you can choose a later date fund for higher % of stock for the possibility of greater returns, but more volatility. In general, unless you are nearing retirement, the higher stock % funds are a better choice as they will grow your money faster over a long period of time. I believe these targeted year funds will change the % distributed to bonds and stocks as it ages, so it will become more bond heavy over time (I'm not sure). When you sign up for your investment fund, you will have the chance to check a box to re-invest any dividends.
When you have at least $3k, you will have more options and can choose which indexes you'd like to buy individually, or you can stick with the targeted funds. These should look familiar as the indexes that people usually recommend on the forum.
Follow Franklin's advice as well, and check out the Investor Alley threads if you want to know more about how to choose your investments for your personal goals. Welcome to the forum! Cheers!