Understanding Our Right to Bear Arms

I happen to know a self-proclaimed constitutional scholar who tried to explain to me that the words “well regulated” found in the Second Amendment had a fundamentally different meaning in 18th Century America than it has today.  I can’t remember precisely what he said, and frankly, I didn’t believe him, as he is simultaneously a gun nut, and loves to invent justifications for his position.
In any case, let me offer the photo here, and pose this question: Is there any conceivable sense, at any point in the evolution of the English language, that these slobs could be construed to be a “well regulated militia?”