Ok, it looks like my voltages are actually too LOW. Everest Ultimate shows my voltage as 5.85v, but in reality, I measured the voltage to be about 4.8v and 4.74 with my usb wifi dongle plugged in. Strange that the voltage would drop so much from a usb device that pulls only 500mA.
I think I managed to fix my external hard drive problem (for now) by using three USB ports for power instead of two.
For anyone that has measured the voltage from their M2...could you chime in as to what numbers you are seeing? The M2 is rated for 8A on the 5v, and Im pretty sure Im no where near that.