Voltage regulator/alternator issue

[azfordman]

Had in issue on my run today. First pit stop around 80 miles from home the car would not restart. Opened the trunk and found one of the battery covers had blown off. Cleaned everything, put three 32 ounce cups of water in the battery and got a jump start. John was there as well and he was a huge help! Watched my volt meter going home and it never went over 14 volts. It ranged from 12-14 depending on if the fan was on or off. Our thought was the voltage regulator may have been bad or sticking and was overcharging the battery. 1/2 way home the volt meter dropped to zero.... Limped home since the car was running like crap, I figured due to lack of voltage to the ignition system. The covers had popped off the battery again. Cleaned the trunk out with water and baking soda and there wasn't really any reaction from acid. Had an extra voltage regulator so I changed it out. Put about 8 ounces of water in the battery and the car started right up. It ran for a while and there was no problem with the battery. However, using a multimeter I am getting only 12.1-12.4 volts on the battery and off of the alternator, and that is at idle or revving the engine. If I disconnect the battery the car dies instantly. Question is.....if the regulator crapped out over charging the battery could this have also fried the alternator or is something else going on I should look for? No performance items, just stock ford alternator and voltage regulator. Thanks for any input, Mark