For most, I'd say it doesn't work as it's very unfeminine.
But there are girls who seem to make the un-feminine thing work for them.
Sara Silverman, for example, is cute as hell but 5 minutes in her company and the one word that would never leap to mind is "feminine". She's also quite hairy. Not Robin Williams hairy, but hairy for a girl. It wouldn't surprise me at all if she had hairy pits, or a bush straight out of a 70's p*rno. (I don't think she does... I'm just saying it wouldn't surprise me if she did.)
I think she could get away with it, somehow. Like, it would suit her tomboy-ish nature.
For a women, no. Perhaps I'm shallow in this instance but any body hair on a women is a turn off, its that whole connection to guys being hairy than just makes you think (in this day and age) its wrong. Its not 10,000 because where this hair was part your survival so I don't get the point to it. Any girls that feel the same way about guys, I have no arguments against that either.
Can't say that it is. We're already as a society conditioned beyond return to reject female body hair as anything but nasty, especially legs and underarms. As always, there's always exceptions in some niche, but it's obvious most people do not like arm hair on women. Increasingly, not even on men.