Sonny:
Rangeley is great. I can't help you a whole lot on restaurants, but (for a northerner) the barbecue place right in town is pretty good, the Red Onion has good pizza, and BMC Diner is where the locals go for breakfast. There is also a bar right in town with pretty good pub food--can't remember the name.
For a small taste of the traditional Maine sporting camp experience, make a reservation at Bald Mountain Camps for dinner. For a great big slice of it, see if you can rent a boat at Grant's Camps on Kennebago Lake. It's a big lake full of brook trout and landlocked salmon, and in the evening, the fishing will still be pretty good in July. Fly fishing only. You can rent a traditional wooden Rangeley boat for around $50, then fish the afternoon and evening, with dinner in the lodge in between.
They only do this when they aren't full with overnight guests, so pick a weekday. It is beautiful up there just for the boat ride, the boats are a slice a of history, and if you get a good evening hatch the fishing can be pretty spectacular.
You can also rent canoes and get a shuttle to paddle the Kennebago River from the tackle shop in Oquossuc.
Boating on Mooselookmeguntic Lake is fabulous, but it's a huge lake so make sure you have enough boat. Several folks in town rent boats.
For fishing, July is getting late, but in a cool summer or early in the month there may still be good fishing on Kennebago River, Rangeley River, or at Upper Dam Pool. The fishing holds up all summer over on the Magalloway River, but that's about a 40 minute drive west. Like Kennebago Lake, evening fishing may be good on Quimby Pond, where you'd need to rent a canoe.
For hiking, check out Bald Mountain, Piazza Rock up on the Appalachian Trail, or any of a ton of trails around the water on properties owned or managed by the Rangeley Lakes Heritage Trust.
If you want to rough it for a night, there are multiple remote campsites on the shore and islands of Mooselookmeguntic and Richardson Lakes that can be accessed only by boat or canoe. RLHT can tell you how to reserve them.
Drive Route 4 or Route 16 early in the morning or late in the evening to play frogger with the moose.
Drive south on Route 17 to the Height of Land for a great view of the lakes and mountains.