Watches are typically adjusted to 2, 3, 4, 5, and 6 positions. Traditionally, they are ordered as follows:
1. Dial Up
2. Crown Down
3. Dial Down
4. Crown Left
5. Crown Up
6. Crown Right
For example, a watch adjusted to two positions include positions 1 & 2 from the above list (i.e. face up and crown down). Similarly, a watch adjusted for 4 positions has been adjusted in positions 1-4, and so on. Watches can also be adjusted for isochronism (i.e. constant time across varying states of wind) and temperature. Some manufacturers (Franck Muller, and Patek Phillipe) adjusts to 8 positions (the above six plus two half-way orientations); though this is a bit over-the-top, but that takes a lot of works to achieve that position accuracy.
All Rolex Chornometers are adjusted to Five Positions! refer to above Picture.
A "regulated" movement is a when the overall rate of the entire movement (either adjusted or not) is brought into correct absolute timing. Unlike adjustment, this is a simple tweak, which moves the daily rates of all of the positions up or down without intentionally changing the relative rates in positions.