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I wouldn't bother opening it up and trying to fix it. When an alternator goes like that, it's a sign that you're better off buying a new one. After all those are fairly cheap, and after you replace it, you can again drive a loooong time without worrying when the thing is gonna break again.
I agree with Paul. I just bought a used alternator for £30 off eBay. It comes with a three month warranty, and obviosuly there is a chance it might break after 3 months, but if that's the case a remanufactured one isn't mega bucks.
I'm swapping my alternator tonight. In an ideal world with no rusty bolts it seems like an easy job.