I bought a Women's electric shaver and that is by far the best method for removing body hair. I have tried razors, nair, har removal creams and hair removal powders. But nothing beats the convenience of electric shaving.
Also you should moisturize with Jergen's shave minimizing lotion. It makes the hairs thinner and softer so a) they don't show as much when they are growing in and b) they are shaved more easily.
The one thing I haven't tried is waxing but my girl is trying to talk me into it.
Oh and of course the "most" efficient method would be laser hair removal but that's like $2000 just for your arms.
JC