Words change in meaning over time. The second amendment has been hit hard by that. In the time period: "Regulated" means up to a particular standard of strength. This is why British regulars were called "regulars," because they had a particular set of equipment. "Militia" referred to the pool of people who could be called to defend the country. In 1776, that meant men of fighting age (14-60). This is different than the voting population, who were specifically landed men, or the population of citizens. In other words, the second amendment called for a fighting-age male population that was as well-armed as the military.
This is why DC vs Heller was decided in the way it was. The "well-regulated militia" before the comma meant something totally different than its current meaning.
As an aside, I think that most modern military weapons should be banned, but that is actually not what the 2nd amendment calls for. The right solution to the problem is to amend the constitution, not try to pass gun control laws and see what a court will approve.
