Regardless of the multiple boneheaded acts, Arenas remains a premier perimeter player. Before the injury this season, he averaged something close to 24 points and 8 assists, so if he stays healthy he's still a major threat, which is part of the reason why he hasn't been traded away yet -- it's hard to replace the production.
Injuries, of course, are a concern, but I can easily see a franchise that's desperately looking to put itself on the map, or a contender who needs an upgrade to take a roll on his health.
The teams that came to mind first: Cleveland (Arenas and Blatche for Williams, Gibson, and Vareajo) or the Timberwolves (Arenas and Blatche for a package centered around Al Jefferson).
This would get rid of two headaches at the same time, while clearing up the field for a franchise constructed around John Wall.