How To Rebuild / Refurbish an Air Ratchet

I got a no name cast aluminum pistol grip 1/2 drive and it has no torque. Do you think the vanes are shot? I can hit the trigger barely and air will just flow out, and when it gets going, it wont even break a lug nut. I got a decent Craftsman 20Gal 125psi compressor but it may have regulator issues so I may not be getting any where near 125psi. Would that make a impact behave like that, with low air pressure?

More than likely it has a gasket or O ring blown out. Most of the time, the vanes will last a very long time. Lack of oil is just about the only thing that will burn them up.