[nitromethane]

Looks like you need an external regulator also known as BEC (Battery Elimination Circuit, because you don't need a separate low voltage battery to power the electronics)

A BEC goes between the battery and the FC and it knocks down the voltage from the battery to 5V.

You can find some here: http://www.hobbyking.com/hobbyking/store/__767__766__SBEC_UBEC_Regulator-SBEC_UBEC.html

You don't need a lot of current to power the FS and RX, probably not more than a couple hundred mA (mili-amperes).

This one looks nice, I have it's bigger more powerful brother: http://www.hobbyking.com/hobbyking/store/uh_viewItem.asp?idProduct=31693 (note: currently not in stock)

Similar ones should also work just fine.

Alternatively you could make your own, using a L7805 chip and some capacitors.

[Badboar65]

I noticed one thing just now.  The esc label on the unit I have installed states 2-3s Lipo no BEC.  Could that be why there is not enough voltage or I can't use a BEC with the esc's I have?

I will owe you after this.

Thanks again!

[nitromethane]

Could that be why there is not enough voltage or I can't use a BEC with the esc's I have?

Exactly, no BEC means no power on the control wire.

[Badboar65]

Thanks, I am going to get everything needed and see what happens.  I found an exact motor replacement so I will get it next week. I will let you know how it works out.

Thanks again for all your help!

 

[TheOtherCliff]

For anyone reading this, if an ESC doesn't see a signal coming from the FC it (most ESC firmwares we use) will beep, long pause, beep, repeat...  That is what this beep was.  And as mentioned, the ESC is like an audio amplifier and the motor is the speaker.  The motor is where the sound comes out.