The best thing to use is a 5 volt regulator. It has one pin for input(keep this one above 7 volts), another pin for output(it will give you 5 volts, regardless of load), and a GND pin.
It carries the part number 7805 for the 5 watt version, or 78L05 for the half watt version. You might need a heatsink, so just go with the 7805 to try and avoid that.
And yes, you can get the load voltage by simply applying a meter to a regulated output. It's regulated, so even without a load it is giving 5 volts. Besides, a voltmeter is a tiny load.