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Hello yogiman
If you go to system admin/preferences user info settings you can disable new user registration. Although this is disabled you can still add users yourself.
In the login-box template you can take the reference to user registration
system admin/templates
Choose "system" and click "list" and look for "system_block_login.html"
and take out a line that looks like this:
<{$block.lang_registernow}>