That should be about the easiest component on the board to replace. As a matter of fact, that is the culprit in another thread that I vented on this morning. If you replace it, I would do a Frankenstein on it. Use a "Lincoln Log" regulator, like a LM7805. I believe it is pin compatible with the smt unit that is currently there. Then you could use a small heat sink and use it with automotive voltage levels.
I would go with johnwasser's check. Does it power up and work with usb power?