You have substantial degenerative changes to the C5-7 levels with foraminal stenosis (see cervical radiculopathy on the website). More likely than not, your arm pain is caused by this condition.
If there is not profound motor weakness present, you can start treatment conservatively including physical therapy, injections and medications. Traction might be useful for temporary relief. I do have patients with your findings that go for a long time before surgery is contemplated. Based upon this imaging report however, you will probably at some time in the future need to consider surgical intervention.
Donald Corenman, MD, DC is a highly-regarded spine surgeon, considered an expert in the area of neck and back pain. Trained as both a Medical Doctor and Doctor of Chiropractic, Dr. Corenman earned academic appointments as Clinical Assistant Professor and Assistant Professor of Orthopaedic Surgery at the University of Colorado Health Sciences Center, and his research on spine surgery and rehabilitation has resulted in the publication of multiple peer-reviewed articles and two books.