Reply #19: In the context of the 2nd Amendment well regulated means...

[immoderate]

qualified or having adequate skills. It does not mean limited or restricted. A similar contemporary usage would be a SCUBA diver's need for a well regulated air supply. I am getting this from the context used by Hamilton in Federalist #29.

To oblige the great body of the yeomanry, and of the other classes of the citizens, to be under arms for the purpose of going through military exercises and evolutions, as often as might be necessary to acquire the degree of perfection which would entitle them to the character of a well-regulated militia, would be a real grievance to the people, and a serious public inconvenience and loss.
http://www.foundingfathers.info/federalistpapers/fed29.htm

--IMM