I tried nair, but it didn't do shit. I left it on my arms for twice as long as the bottle said to, and the hair didn't dissolve at all.
I'm sticking with my razor blade. If you are careful, and prep the area well, you shouldn't have much problems with ingrown hairs, and razor burn. I have the most sensitive skin, and ALOT of coarse hair, and I don't get too many problems anymore.
Waxing gives me nightmares, just thinking about it.