Motorcycle Repair: electrical problems, honda 750 magna, regulator rectifier

Question
I have a 99 honda 750 magna.when i bought the bike i noticed that the battery was getting hot and smelling funny so i bought another. ran ok for a couple of months and noticed the heat and smell from battery again. one day i was riding bike on interstate after noticing the smell that day. as i was riding the bright indicator light came on as if i turned my brights on and the bike shut down right away. lost all power nothing at all. did a little research and changed regulator\rectifier and new battery. I turned key forward all the lights came on blinkers worked but noticed high beam indicator light was still on. went to turn bike over and nothing not even a click. so i checked fuses and seen that the 10 amp starter\ignition fuse was blown changed it and when i hit starter button it popped fuse. I figured that wires may have grounded or melted together somewhere. so i pulled headlamp out and disconnected headlamp connector thinking maybe short in hand control assem. changed fuse, hit starter button and bike cranked up i thought cool. but as bike was warming up ignition control module started smoking. i shut bike down. so i went and bought a cheap dc voltage meter now checked battery voltage it showed 16 volts now i don't know how accurate meter is. i stopped right there lost some say stator but no one really knows please help a rider out i don't want to have to spend extra money i don't have until i know what the problem is. i glad i found u and i hope u can help me out thanks i really upset about this.

Answer
Kasey, Use your little VOM to test out the circuits, by following the troubleshooting tree at:

http://www.electrosport.com/technical-resources/diagnosis-center/fault-finding-g

Do check your stator connector, as they often become corroded then overheat the connector pins. If the stator is shorted out or causing high voltage fluctuations to the reg-rectifier which can knock them out. 16v is too much and should have been regulated below that level in a normally operating system.

http://www.cmsnl.com/honda-vf750c-magna-750c-1999-usa_model7606/partslist/ for parts illustrations and current OEM Honda part numbers, just for reference.

Bill Silver