If you're using Arc 3.1 with a recent version of Racket (I can verify it works with Racket 5.3.1, but it should work with anything newer than that also), you just call it via `racket -f as.scm`. Arc 3.1 can be found here: http://ycombinator.com/arc/arc3.1.tar . Check out the unofficial Arc wiki for more information: https://sites.google.com/site/arclanguagewiki/
The -m option means to call the "main" function now. Just leave it out. It used to mean "--mute-banner", which suppressed the "Welcome to MzScheme" line.