[HotRoddin]

Look for an open voltage sense wire ... your alternator isn't turning on ... you are reading battery voltage across the battery. The reason you see the full 14+ volts when you take the battery cable off is likely because thats just the way some voltage regulators work .. it has to do with bias voltages for the transistors in the regulator circuitry.

I got 50 cents says your regulator wire is open somewhere ... check the voltage right at the alternator terminal ... not the connector, but after the connector (could be broken inside the connector).

Forget underdrive pullys ... you eleminated that when you reved it up with no change .. forget a short in the output .. you short a 100+ amp alternator and your gonna have sparks, or at very least a very very hot wire somewhere. The only logical explination left that i can see, is the voltage sense wire, that tells your alternator what to put out ... if it's open and there is no signal getting to the regulator, then the alternator won't put out squat, leaving you with only battery voltage, which at full charge is around 12.6 volts.

Thats my 2 cents worth
Rod