Turning arc into racket is exactly how the arc compiler works internally. See the ac function in ac.scm, which takes an arc expression and turns it into a racket expression, and acompile, which takes an arc file and turns it into a racket file.
There are nonetheless a few issues with using arc code in racket, such as the arc runtime, interaction with racket's require system, and the fact that arc alters the reader to allow for square-bracket anonymous fn syntax. I haven't worked with arc in a while, so I don't remember them in full. Hopefully someone else will chime in with details. But basically, yes, with a little work, you can use arc code from racket.