I know a lot of friends who shave, wax, and do something I think is called 'rolling'. Basically you have someone roll a length of string over your arm and it snags up the hairs and pulls them out.

I really wouldn't worry about your arms. My best friend's father is a BEAST, and she inherited his hairiness (we're talking arm hair, leg hair, back hair, stomach hair, everything) and she's one of the prettiest girls I know, and she's never had a problem getting a boyfriend or anything.