The 2nd Amendment of the United States Constitution states:
"A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed."
(source: http://www.usconstitution.net/xconst_Am2.html)
This Amendment has been the center of a heated debate lately and it is imperative that We the People know the limits of our rights.
It is generally agreed upon that the way this amendment is worded, it is intended protects two rights:
The right for a Militia to bear Arms, and the right for the People to bear Arms be it necessary to the security of the free state.
The 2nd amendment only extends the right to bear Arms to the people under situations where the freedom of the state is in danger.
In peacetime, Arms are no right.