Quoting toybreaker:
Switch your meter to volts a/c
>Make sure your leads are plugged in correctly on the meter to read a/c
Put the positive lead alligator clip on the alternator output lug
Fire up the motor, and let it stabilise at idle with minimal load (no lights, etc)
Put the other lead on a good ground
Read the a/c voltage displayed
Load up the system with lights/heater fan, etc.
Anything under a half a volt a/c is good to go
Anything over ~about~ a half a volt a/c shows a weak diode, but it's probably going to live for awhile (ish)
Anything significantly over that indicates a more serious problem in the rectifier area of life.
So I did this. First reading with no accessories on it was bouncing between 30.8 and 31.4. I'm not sure if that's right. Perhaps the decimal needs to be moved. My DMM only had two available settings. With lights, foggies, rear defrost, stereo, and blower motor on it bounced around a smidge lower. It was kind of hard to read since the numbers weren't very steady. I don't know if that means anything or not...
*edit* Obviously I'm horrible at testing electrical stuff. I think the test came out okay. I'm guessing that decimal needs to be moved in front of the 3. So in both cases I was below a half volt.