It is vital to remember the part of the amendment that many try to excise: well regulated. 

Yes, we have the right to bear arms, but the amendment also does not preclude restrictions or regulations on that right, particularly when the exercise a right infringes on other rights of our fellow citizens, such as the right to life. 

We might also declare that the fire arm itself is a privilege in that ist is just a tool as a vehicle is. We have the right to free movement and a vehicle is a tool of that right. There are regulations on the tools of movement for the public good. Why, then, shouldn't there be reasonable regulations on what arms one can legally own, up to and including licencing and registrations? 

I'd feel much better when I see cowboy Bob walking through Wal-Mart with his 357 with the 12 inch barrel striped to his leg if I knew he had to have some qualifications to own and carry the gun, just like it is nice to know that my fellow drivers are qualified or should be