The Constitution does acknowledge the concept of privately owned warships, by authorizing letters of marque, but says nothing of their limitations or regulation.
As I'm sure you are well aware, Ron Paul has advocated utilizing this Enumerated Power as an alternative to the either/or mentality that diplomacy or boots on the ground are the only choices for combating terrorism.
Gun control advocates who bloviate on about how the writers of the Constitution never intended for private citizens to own "military assault weapons" betray their lack of knowledge. With a signed letter of marque and reprisal, a private citizen could not only own a modern naval gunship, but use it to attack our nation's enemies.
*MySmiley*
"Bustin' makes me feel good!"
Ghostbusters, by Ray Parker Jr.