M.P.
I have a DVD called "Jiggle Free Arms", which has aerobics and arm exercises. Here are some of them:
Arms straight out to the sides, make small circles and large circles, forward and back, at least 20 of each (ie: 20 small circles forward, 20 sm circ back, etc)
Use weights and gradually increase for strengthening- 3 lb weights are good for just losing fat.
Lift them straight up from the shoulder- 20 reps. Arms straight down at sides, lift them up and out to shoulder level- rep 20.
Also, holding weights, bend from elbow up to shoulder- 20 reps.
Holding arms straight over head, bend elbow so that hand goes down and back behind head, stretching as much as possible, use weights also.
They also do push ups on this video.
Hope this helps.