C = 292 with a 2bbl carb (the engine it left the factory with)
7 = 1957 Model Year
L = Long Beach assembly plant
V = Victoria Body Style -- Fairlane or Fairlane 500
180550 = Consecutive Unit Number
The second line of the data plate contains info about exterior & interior colors, scheduled build date, etc.
If the car was built earlier in the model year there was another style data plate than the one shown at this first link...