Gov. Granholm of Michigan would make a good president, but she was born Canadian.
The whole thing that you must be born a US citizen was to prevent foreign nations from taking control of the US. But since those nations that were threats to the US at the time are now democracies... I see no fear if the amendment would be something along the lines of "naturalized citizen for 21 years and having lived 10 of the last 14 years in the United States".
Oh- btw: 7 of 10 Americans dont want Arnold as president.
http://www.cnn.com/2003/ALLPOLITICS/08/27/arnold.poll/