Sirsureshot, your dad, and hissin have you covered on this one. Leak down will tell you if it's rings, or a bad valve/seat seal. Unfortunately, it won't tell you if it's a guide or valve stem seal. The actual symptoms will nail those down. Guides will usually make noise, and blue smoke will be seen on start up (and go away after the engine warms a bit). Guides and/or stem seals may show blue smoke upon deceleration - as heavy vacuum in the cylinder can pull oil from the head past the seals or a loose guide. So, if your leakdown test tells you the rings are sealing, and you've got the smoking symptoms above, it's likely guides and/or seals.
Oh - if you've got problems with valve to seat sealing (like a burnt exhaust valve for instance or bent valve stem), the leak down test won't tell you anything about the rings in that cylinder. The pressure will find the path of least resistance (usually past the bad valve seat) and you won't get an effective ring test cause the valves won't hold the pressure in.