Thanks for the help but it did not work, same error code came up. Reverted back to 32 bit and runs OK. Performance on my machine is still good in 32 bit so I'm happy but if you want me to try more options then just let me know.

Just as a note, and may help others having the same issue, I tried changing a few settings from the options menu in the dash board and got ARMA to work.
What confuses me is I had to run the game in 32 bit mode and it works every time, when I run the game in 64 bit mode it crashes every time.
My system is 64 bit Windows 7 home.
I don't mind running in 32 bit because I can now carry on playing so that's a win for me and I hope for others too if their problem is the same.
I hope this helps you too Devs, I would appreciate if you could let me know why I need to run the game in 32 bit mode, what am I doing wrong?
Maybe I've missed something in my setup or overlooked an installation setting in steam?
Thanks Devs for an excellent game, keep up the great work!

I don't have a USB headset unless you except an Oculus Rift is one. I have removed the Rift and the sensors just in case but still crashes.
I have also gone through the following from the community Wiki: