How do you interpret the Second Amendment?

Here it is:

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.

Is there any way this can be construed to mean that the people have the right to keep and bear arms ONLY if they are members of a militia?

This is being discussed on another board, and I'm curious about how people here would interpret the amendment, the 2nd mentioned in the Bill of Rights.