Consumer's Reports recommends cooking rice by thoroughly washing the rice first then combining 1 cup rice with 6 cups water, cooking it and discarding the leftover water. That method removes just some of the arsenic. There was a table that showed how much arsenic was found in different brands of rice.
The only thing that will bother me now is that parboiled rice (like Uncle Ben's) is very high in arsenic and there is one dish I use it for. :-(
I noticed that Consumer Reports cooking recommendation for rice too. One of the problems I have with using so much water in proportion to rice is that with "enriched" rice you would literally wash away the added water soluble nutrients down the drain that were added using a vitamin powder (thiamin, niacin, folate, riboflavin etc).