I had a friend who needed this done so I created web 2.0s and user profiles on various sites for him. Then I built tier 2 links. I did enough to push the bad result down to the 2nd page.
As the others have said, create profiles and web 2.0s for your name. Use different photos. Create linkedin profiles for different fake people too.
One service I've heard that creates social profiles well is http://knowem.com/. I've heard lots of good things from friends who run rep managment companies about them.
If you don't want to spend money just create the profiles manually.
Beef up your social profiles with some tier 2 links from the BST and you should be able to push the arrest record down the 2nd or 3rd page easily.
Also, press releases work very well for rep managment.