This is a 1992 Yamaha FZR 600, the voltage regulator has a 4 wire connector,3 white wires 1 red, also theirs 1 black wire with a brass ring that is with that same group of wires . Does the voltage regular it self get bolted to the frame? Or should it be insulated away from the frame. The black wire, where does it go?

does it have a heat sink on the regulator ?
.May need thermal paste from regulator to heat sink.
should not get so hot it burns the wires. Check for short circuit in those wires that got hot.

They do get warm that is why they have finning to work as a heat sink. If the wires going to the regulator are not showing any sign of heat I would not worry.

corroded terminals maybe

It makes no difference on the 3 whites...thats why they are the same color.
If the bike is overcharging, a few things to check.
Some older Yamahas had a brown wire from the signal cicuit that tied into the rectifier regulator as a reference to what the bike voltage was running at..if there is a poor connection on the brown...the reference voltage is low, so the RR jacks up the voltage to the bike to try and boost it.
If you have only a 4 wire 2 red 2 black output connector...insure the black wires are clean and tight as the regulator dumps excess current through those wires to keep the voltage down.
Also check the battery ground cable for clean, tight connections.
If all that checks out, I would say the RR needs replacement.