The best arguments against the Sola Scriptura position of protestants are as follows:
1) The New Testament was compiled in 397 AD at the Council of Carthage (Source: Where We Got Our Bible by the Rev Henry Graham)
http://www.catholicapologetics.info/apologetics/protestantism/wbible.htm2) The Church was founded well before 397 AD, because most of the New Testament is letters written to the Church already in existance. How did this early church exist without the bible? How did they know not to circuмcise for example ?
3) The Nicene Creed of 325 AD predates the bible and this creed is just un update of the Apostles Creed which dates to apostolic times (estimates date the Apostles Creed to around AD 80. The Nicene update was required to answer all the heresies that were infecting the Church
4) The last verse of the Gospel and Saint John reads "But there are also many other things which Jesus did; which, if they were written every one, the world itself, I think, would not be able to contain the books that should be written." So what else did Christ say? The first apostles, who wrote the creed and established the Church are in a far better position to know 'What Would Jesus Have Done'? than Luther, Calvin or Henry the VIII 1500 years later.
For Catholics living in protestant countries, I would say that Where We Got out Bible is essential reading. Also watch the many Solo Scriptura debates on youtube with Robert Sungenis and his protestant sparring partners. He is brilliant because he knows his bible better than many evangelicals and the debates are very instructive.
One needs to understand however than Catholicism is the only religion that doesn't promise a guaranteed eternal life. When you belong to a religion like protestantism that will give you eternal salvation with very little effort, man's fallen nature insures that most will not examine closely the opposing arguments. This ensures that the illogical premises of protestantism will have a very long life if the only barriers they meet are uninstructed and tepid Catholics.