I have a 97 Avenger V6, I have been having this problem w/ my alternator getting too much voltage, and the Battery post on the alternator turns cherry red. recently caught on fire, luckily just burned the two wires at the alternator. Anyone ever have this problem, I need help.

 

You can use jumper cables to fire the car and then remove them. The alt will keep the car running and then you can test it out.
2013 MERCEDES BENZ SL-CLASS

 

Is this an internally or externally regulated alternator? External you could try getting a different voltage regualtor. Internal, well, depends on the make and model, sometimes you can get a new regulator for those.

2013 MERCEDES BENZ SL-CLASS

 

Here is how you test the alternator on the vehicle.
I got the instructions from the alternatorparts.com web site
How to test your alternator on the vehicle:

To check to see if your alternator is working, unplug or remove the two field wires from the back of the alternator. Then ground one of the field terminals on the alternator and jumper the other field terminal to the positive battery post on the back of the alternator. It does not matter which terminal is grounded and which one get positive power. When you connect the ground and positive wires to the field terminals you will get a small spark, this is normal. This is by-passing the voltage control and will cause your alternator to run full blast, if it is working. Put a multi-meter on your battery and run your engine on high idle, do not allow your alternator to charge the battery much over 16 volts. If you find that your alternator is charging when you do this procedure, but does not charge when you connect it back to the computer, this kit will get your alternator working and charging at the proper voltage. The voltage regulator is preset at 14.5 volts. If you want to adjust the voltage regulator you use the screw on the back, but be sure the metal case of the voltage regulator is grounded while you adjust it.

Ref: QSERCK , ERCK, FRM, ERCK-FRM