22R Alternator "Lamp-On Voltage Failed"
 

My alternator tested Lamp-On voltage Failed, it has a lamp on limit of 8 and mine was at 11. The brand new alternator was at .72

Question is, what the hell does that mean? Is it something inside the alternator I can fix, or is a new alternator my only option?

Most likely it indicates a faulty regulator or wiring internal to the alternator which connects to the regulator.
I would replace the entire alternator instead of trying to find and replace the regulator yourself.

Yep, replaced the alternator

here's some 411 about toyota alternators:
http://autoshop101.com/forms/h8.pdf