Arpeggios

First off, an arpeggio is defined as playing chord one note at a time. This is true, but you when you're done here, you wont think of them a chords, but as tools to use to spice up your solos and such.
Chord Construction.
This is a must when learning arpeggios. Chord construction refers to intervals used to make chords. Example: When you see (1 3 5) that means you use the root, the third and fifth of the major scale. If you see (1 b3 5) it is still the major scale. That being said, know your major scales! Even if its numbers that are above 7 (major scale is 1 2 3 4 5 7 1), it is infered that:

9  = 2
11 = 4
13 = 6

Just subtract 7. The Chords.
Notes in brackets are optional, but make the arpeggio sound better.

Major: 1  3 (5)
Minor: 1 b3 (5)
Aug:   1  3 #5
Dim:   1 b3 b5
dom7:  1  3 (5) b7
Maj7:  1  3 (5)  7
m7:    1 b3 (5) b7
Aug7:  1  3 #5  b7
Dim7:  1 b3 b3  bb7
m/maj7:1 b3 (5)  7
m7b5:  1 b3 b5  b7
m7#5:  1 b3 #5  b7
m7b9:  1 b3 (5) b7 b9

With those arpeggios, you should have a great start. Applying These To Make Arpeggios.
By now, you're probably itching to play. So, I'll start with C for simplicity.

Intervals... 1 2 3 4 5 6 7 1
Cmaj Scale:  C D E F G A B C
Cmaj Arpeggio: C E (G)

Cmin:   C Eb (G)
Aug:    C E   G#
Dim:    C Eb  Gb
dom7:   C E  (G) Bb
Maj7:   C E  (G) B
m7:     C Eb (G) Bb
Aug7:   C E   G# Bb
Dim7:   C Eb  Gb Bbb/A
m/maj7: C Eb (G) B
m7b5:   C Eb  Gb Bb
m7#5:   C Eb  G# Bb
m7b9:   C Eb (G) Bb Db

Playing Those Arpeggios.

C                   Cm                  Caug 
|-------------------|-------------------|---------------|
|---------------(8)-|---------------(8)-|-------------9-|
|-----(0)-----9-----|-----(0)-----8-----|-----1-----9---|
|---2------10-------|---1------10-------|---2----10-----|
|-3-----------------|-3-----------------|-3-------------|
|-------------------|-------------------|---------------|

  Cdim            C7                      Cmaj7
|---------------|---------------------6-|---------------------7-|
|-------------7-|-----------------(8)---|---------0-------(8)---|
|-----------8---|-----(0)-3-----9-------|-----(0)-------9-------|
|---1-4--10-----|---2--------10---------|---2--------10---------|
|-3-------------|-3---------------------|-3---------------------|
|---------------|-----------------------|-----------------------|


  Cm7                     Caug7
|---------------------6-|-----------------6-|
|-----------------(8)---|---------------9---|
|-----(0)-3-----8-------|-----1-3-----9-----|
|---1--------10---------|---2------10-------|
|-3---------------------|-3-----------------|
|-----------------------|-------------------|


  Cdim7                Cm/maj7
|--------------------|-------------------7-|
|---------------7-10-|---------0-------8---|
|-------2-----8------|-----(0)-------8-----|
|---1-4----10--------|---1--------10-------|
|-3------------------|-3-------------------|
|--------------------|---------------------|


  Cm7b5                Cm7+5
|--------------------|--------------------|
|---------------7-11-|---------------9-11-|
|-------3-----8------|-----1-3-----8------|
|---1-4----10--------|---1------10--------|
|-3------------------|-3------------------|
|--------------------|--------------------|


  Cm7b9
|--------------------------9-|
|-----------2-------(8)-11---|
|-----(0)-3-------8----------|
|---1----------10------------|
|-3--------------------------|
|----------------------------|

Inversions.
An inversion is when the root note is not the lowest note of the arpeggio. A 1st inversion is when the third note is the first note, a 2nd inversion is when the fifth is played first, and when dealing with arpeggios with a seventh, playing the seventh first is the 3rd inversion.

Em7

 Root note     1st Inv        2nd Inv      3rd   Inv
|-------7--10-|----7--10--12-|------------|---------------|
|----8--------|-8------------|----------8-|---------------|
|-9-----------|--------------|----7--9----|---------------|
|-------------|--------------|-9----------|-------5--9----|
|-------------|--------------|------------|-5--7----------|
|-------------|--------------|------------|---------------|

written by slash_pwns
http://www.ultimate-guitar.com/lessons/the_basics/arpeggios_guide_part_1_-_learn_your_arpeggios.html