Regulating power is pretty simple, but has a few things to look out for.
Linear regulators: Use 3 pin regulator to step voltage down to usable level. Most basic, but less efficient. Requires a minimum of around 2V higher input in order to get required voltage output. Produce lots of heat if a large voltage range is used. Efficiency: ~50%
Switching Regulators: More efficient than Linear, work better than linear in large voltage range applications. Creates "noise" on the line. Efficiency: ~85%
With both regulators, you must have a higher input than output. You also must be careful of the Amperage provided. Remember that 1 servo can use 2-3A? Well, most regulators only provide 2-3 Amps, which means you need one for each servo, or a higher amperage regulator. Try to find a regulator that can provide a high amperage, and be careful not to exceed its limits.
Regulators can be connected to components via the ez-b(IE. The inline regulator in the store), but many builders choose to connect regulators to the battery direct, to take load off the ez-b.
The ez-b has an Amperage limit, which prevents burning the circuit.
Any regulator is connected to the servo directly, and then to the power source. If connecting to the EZ-b, this can be done by cutting servo cable extensions, and a little bit of wire soldering work, or through jumper cables. If to the battery direct, a connection to the battery is needed.
When using a regulator with a servo, make sure to connect the servo's signal wire into the ez-b, not through the regulator.