Luckily, replacing the regulator is an easy job, and can be completed in less that half an hour.
Step 1: Materials and Tools
1/4 inch Mini Regulator - under $20. Most hardware stores should have one of these in stock.
Adjustable Wrench - for turning stuff
3/16 Allen wrench - for turning other stuff
Scrubbing pad - for scrubbing stuff
I didn't take a pic of the tools needed, I figure most folks know what we're dealing with here.
Step 2: Remove Old Regulator
I placed the wrench around the body of the old regulator to get it off, as I couldn't turn it by hand. As soon as I applied pressure the entire regulator fell to pieces. After that everything came off easily. You'll want to save the female quick connect to use on the new regulator, if it's still in good shape.
I also saved the gauge. The new regulator came with one, so now I have a spare for another project. Sweet!