Actually, the wording doesn't guarantee the rights of any individual to bear arms. It clearly states that the individual states can organise and maintain a private milita to protect themselves against the federal government. This does not guarantee the right for individuals to carry guns.
Also, nowhere in the Second Amendment does it guarantee the right to have an unlimited number of weapons or unrestricted access to all types of weapons. In this sense, the Second Amendment is not incompatible with gun control. It is possible to believe in the Second Amendment and believe in gun control. The two are not mutually exclusive.
Finally, the U.S. Constitution has to be interpreted in the context which it was written. When the founding fathers wrote it, the most developed weapon was a musket. They did not foresee individual Americans arguing for the right to own a personal military-grade automatic machine gun. When the founding fathers wrote the document, the U.S. was also an untamed wilderness in many places, and many civilians needed weapons to hunt and protect themselves. Now, there is a comprehensive police force, complete with weapons and helicopters. The spirit in which it was written must be considered before arguing for unrestricted access to firearms.