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To my mind this involves coming to good definitions regarding modern weapons (which have reached well beyond the imaginations of our founding fathers) so they do not fall under the same category of "arms", or admitting that the 2nd amendment allows for this IMO absurdity and either allowing it to continue or amending the constitution.
We may not even need new definitions or amendments. I think that when it comes to WMDs it is pretty clear then that even if they do fall under the category of "arms" it doesn't give the people a right to own them. I think it would be easy to argue that the country has a compelling interest in keeping these things tightly regulated, since any of these WMDs could really do long term damage to an area and kill thousands of people at a time.
It is much like the freedom of speech, you can't yell "fire!" in a crowded theater. Even though the first amendment gives you the right to say what you want the state has an overriding interest in preventing stampedes.
The bottom line for me is that with the current constitution WMDs are out, and I'm sure the SCOTUS would agree.