Not even close. The framers' arguments on this made it rather clear that it isn't close to the interpretation that is portrayed today where everyone should be a standing army unto themselves.
Originally Posted by Bob Blaylock
The well regulated militias were to replace the need for a standing army as per Thomas Jefferson. That short little amendment always seems to get trimmed down to the "the right of the people to keep and bear Arms, shall not be infringed" and completely ignore the "A well regulated Militia, being necessary to the security of a free State" part.
Then to get the constitution ratified they had to solidify the vote of Virginia where Patrick Henry demanded that southern states' slave patrols not be hindered by the federal government so that they could quell any slave uprising. Slave patrols where seen as the security for a free "state" which is why it says "a free state" and not "a free country". Because slave patrols were regulated at the state level and a "free country" in the constitution would be grounds for a emancipation movement.
At the ratifying convention in Virginia in 1788, Henry laid it out:
"Let me here call your attention to that part [Article 1, Section 8 of the proposed Constitution] which gives the Congress power to provide for organizing, arming, and disciplining the militia, and for governing such part of them as may be employed in the service of the United States. . . .
"By this, sir, you see that their control over our last and best defence is unlimited. If they neglect or refuse to discipline or arm our militia, they will be useless: the states can do neither . . . this power being exclusively given to Congress. The power of appointing officers over men not disciplined or armed is ridiculous; so that this pretended little remains of power left to the states may, at the pleasure of Congress, be rendered nugatory."
"If the country be invaded, a state may go to war, but cannot suppress [slave] insurrections [under this new Constitution]. If there should happen an insurrection of slaves, the country cannot be said to be invaded. They cannot, therefore, suppress it without the interposition of Congress . . . . Congress, and Congress only [under this new Constitution], can call forth the militia."
Big BIG difference in original intent and what is interpreted today.