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>           13.48 volts into the vs. Can't read the output 'cause it is
>           far from stable. Seems to be 5 to 13.48 in very swift swings
>           but nothing long enough to garner a reading from the meter.
>           
        Yep, sounds like it's frazzled to me.  It should be putting out a
constant voltage (surprised? ;-) 
        It's a couple of strips of different metals in contact. When they
heat up too much they seperate, breaking the connection.  Then they cool
down and re-establish the connection.  Quite a simple little device to
control the voltage.  They go bad because they spark every time they
connect, which scores them and builds up carbon deposits.  After a while,
they just can't make a good connection.  You could theoretically break it
open, clean it up, adjust it a little, and it would work fine again. But
it's not really worth the trouble.  You could also replace it with a better,
diode based voltage regulator, but that's really not worth the trouble.
        
                                        Jeremy DuBois
                                        Programmer/System Administrator
                                        Thermalogic Corporation
                                        '74 MGB, '76 Spit
                                
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