  Let $R$ be a regular local ring of dimension at least 2. Associated to each
valuation domain birationally dominating $R$, there exists a unique sequence
$\{R_n\}$ of local quadratic transforms of $R$ along this valuation domain. We
consider the situation where the sequence $\{ R_n \}_{n \ge 0}$ is infinite,
and examine ideal-theoretic properties of the integrally closed local domain $S
= \bigcup_{n \ge 0} R_n$. Among the set of valuation overrings of $R$, there
exists a unique limit point $V$ for the sequence of order valuation rings of
the $R_n$. We prove the existence of a unique minimal proper Noetherian
overring $T$ of $S$, and establish the decomposition $S = T \cap V$. If $S$ is
archimedian, then the complete integral closure $S^{*}$ of $S$ has the form
$S^{*} = W \cap T$, where $W$ is the rank $1$ valuation overring of $V$.
