I might not know much, but this is one subject I do know about!
I've never tried waxing my arms because I'm a big wuss when it comes to pain and having to pay someone to rip hair off my body, but I have tried that hair bleach for body hair and I'm here to tell you
don't even think about it unless you want the hair on your arms to go from dark to
orange. Not pretty. Those dipilatories (sp?) like Nair work very well, but in recent years I've just gotten lazy and I've started shaving my arms instead. I really like the feel of smooth arms (once you get used to it, you will not go back!), but you really have to be careful with the razor so you don't cut your elbows. My advice is to go with the Nair...you can get the kind that smells pretty good nowadays and you don't run the risk of severing a vein.
*edited to add*Electric razors are wonderful! If you don't want to Nair, try that. I also know women who use electric razors on their faces.