In principle, the complete spectrum and bound-state wave functions of a quantum field theory can be determined by finding the eigenvalues and eigensolutions of its light-cone Hamiltonian. One of the challenges in obtaining nonperturbative solutions for gauge theories such as QCD using light-cone Hamiltonian methods is to renormalize the theory while preserving Lorentz symmetries and gauge invariance. For example, the truncation of the light-cone Fock space leads to uncompensated ultraviolet divergences. We present two methods for consistently regularizing light-cone-quantized gauge theories in Feynman and light-cone gauges: (1) the introduction of a spectrum of Pauli-Villars fields which produces a finite theory while preserving Lorentz invariance; (2) the augmentation of the gauge-theory Lagrangian with higher derivatives. In the latter case, which is applicable to light-cone gauge (A(+) = 0), the A(-) component of the gauge field is maintained as an independent degree of freedom rather than a constraint. Finite-mass Pauli-Villars regulators can also be used to compensate for neglected higher Fock states. As a test case, we apply these regularization procedures to an approximate nonperturbative computation of the anomalous magnetic moment of the electron in QED as a first attempt to meet Feynman's famous challenge. (C) 2004 Elsevier B.V. All rights reserved.