Correct Meaning of "A well regulated Militia"
Referring to:    
The Compact Edition of Oxford English Dictionary
Oxford University Press (c)1971
First pub 1971
Twenty-Third Printing in the U.S., January 1984

Definition of "Regulated":

b.+Of troops: Properly disciplined; obs. Rare -1
+ = obsolete word

CONCLUSION

Regulated means "properly disciplined"


Definition of "Discipline" :
(same dictionary)

b. spec. To train in military exercises and prompt
action in obedience to command; to drill.


CONCLUSION:


Properly disciplined means properly trained or properly drilled. In either case it refers to
maintaining proficiency through training.

Definition of "militia":
Oxford English Dictionary
(1989), page 768:


3.a. . . . . to denote a 'citizen army' as distinguished from a body of mercenaries or professional soldiers.

1776 Adam Smith W.N.v.i. (1869) II. 281  it [the state] may . .  oblige either all the citizens of the military age, or a certain number of them to join in some measure the trade of a soldier to whatever other trade or profession they may happen to carry on.

(In modern English:
the state may order citizens to become soldiers IN ADDITION to their trade or profession.)



CONCLUSION:



Modernized, the second amendment reads:
A well trained citizen army, being necessary to the security of a free state,
the right of the people to keep and bear arms, shall not be infringed.


A second problem for the gun grabbers is the phrase "the people" which is used in several amendments. Does it have the same meaning in each? They say the meaning shifts, depending on which amendment they favor. It means you and I in the 1st, 4th, 9th and the 10th but means only national guard members in the 2nd.         Laughable!