I want to conclude this thread, so it will be useful for somebody in the future. Thank you to all of you who replied and helped.
Simptoms of overvoltage:
-Bright lights
-ABS, Tracks lights are ON all the time
-Engine knocking white accelerating
-SRS lamp goes ON and OFF
-Other odd things - flashing lights on the dashboard, fast turn lights blinking, fast wipers, etc.
Damage, if left untreated:
-Boiled battery (mine boiled and died, lots of steam, sulfur stench, tow truck home)
-Burned headlight
-Failed cell phone hands-free kit
Fix:
Only voltage regulator needed to be replaced, the alrenator was good. Voltage regulator (Bosh, various part numbers, check for your car) is accessible without alternator removal. Disconnect ground wire at the battery, remove 3 small screws holding the plastic cover, remove 2 wires, (thick and thin) and take the cover off. It is held with 3 plastic clips, push them outward. You need a Philips screwdriver with a short handle (those stubby ones). Wiggle the cover out (the hardest part). Locate the regulator, it is held by 2 screws. Replace it with a new one, put everything together. Start the engine and measure voltage at the battery. It should be around 14V, slightly varying from the load and engine RPM.
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