Well, if Arnold will put as much effort into his election strategy as the folks who came up with that er ... little piece of comedy (I do admit, O'Reilly the grouch had me laughing), then he's a shoe in to win another term as governor of California.
I know his ratings aren't the best at the moment, however don't count him out just yet. The very fact that he was able to get the vote the first time around in "democratville" ... aka California, speaks for itself. He can do it again.
One strategy that he should look into is the Hollywood Factor. He is no doubt an important Hollywood figure and should look at publically getting support from the notable Hollywood Republicans. Examples are Mel Gibson, Robert Duvall, The Rock (Dwayne Johnston), Kevin Kostner, Bruce Willis, Tom Selleck, Clint Eastwood, Jessica Simpson ...etc).