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.