I agree YoYo,

Thats the way I read it as well. Regulated militia means armed to protect their government and -not- their government enemies.

When you look at the context of why it was written in the first place.
The revolution , the Indian and the Spanish American wars were mostly (Militia)

Simply , farmers , settlers and hunters who brought their own guns and then joined a militia in times of war. That is a huge cost saving for a young Nation.

Anyway I believe the intent of the wording in the 2nd was just for that reason - sorta a cheap way to have what we call today the (Army Reserves) was certainly not meant that every citizen can arm themselves to fight their own government but rather mainly for personal protection.