You either removed fonts the system needs, the font cache files are goofed up, or both.
Simpler thing first, just clear the font cache data.
Close all running applications. From an administrator account, open the Terminal app and enter the following command. You can also copy/paste it from here into the Terminal window:
sudo atsutil databases -remove
Terminal will then ask for your admin password. As you type, it will not show anything, so be sure to enter it correctly.
This removes all font cache files. Both for the system and the current user font cache files. After running the command, close Terminal and immediately restart your Mac.
If that doesn't change anything, then you likely removed Arial regular and whatever else from the hard drive. You'll have to restore them. If you have a backup, just copy the missing fonts from there, placing them back into the same folder. You can also copy them from another Mac. Preferably, one running the same version of OS X, but it can be pretty much any other recent version.
If you have no access to the missing fonts otherwise, you'll have to restore them from the Snow Leopard DVD. Follow the instructions at the bottom of Font Management in OS X.
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