Arm fat

I've been looking at recent pictures of myself and for the first time (in a long while) I actually don't feel cropping myself out of every picture.  My boobs are finally sticking out further than my fat roll, I don't look like I'm 9 months pregnant,  my cheek bones are making an appearance, no longer can I be mistaken for Chewbacca, and my butt isn't a mile wide.  After focusing on all the good things that have changed there is one thing that always draws my eyes.  My arms. 

For those people who have had weight issues or have been obese you know what I'm talking about.  The dreaded arm fat or bat wing that hangs below your tricep.  That flabby / fatty part of your arm that seems to never go away no matter what you do. 

Only one word:  DAYUM!

I've done several Internet searches on "how to get rid of arm fat" and not surprising received several different opinions. 

1.  Using weights to specify a muscle group will allow you to tone and define flabby arms.

2.  Using cardio will eliminate fat, but you will lose it all over.  Not in a specified part of your body.

3.  After losing weight you will have hanging skin which may or may not shrink with time.

4.  It's not possible.  Deal with your bat wings and move on.

So my question is:  What have you done to help with flabby arms?  Am I being unrealistic to think that I can get rid of this nasty fat?  Has anything worked for you?  Provide videos if possible or link a website that has helped!

I'll leave you with one last picture.  This one flaw is what peeves me the most. 

This little beauty is on my left bicep.  Kinda looks like a butt.