Just for the sake of this discussion, let's look at the word as it is defined and its root meaning:
regular- Customary; Orderly; In Conformity; Well-Ordered; Proper;Dependable
regularize - to make regular
regulate - To control; to adjust; to put in order for proper functioning
So looking at the actual meaning of the definition, we can argue that when written, the term "well regulated" meant that the founders were stating that the militia (everyone), in order to function properly, all the people must have the right to arms.
A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.
Or in other words:
If we are going to have a proper functioning (regulated) militia that keeps our country free, we must allow the people of our country, the protection of the right to arms.
This is how I read the Militia Clause.