there are many similar question on Bitcoin.SE (search for "arbitrage" to read more).
I'll try to resume what I understood until today on this topic (I'm quite interested into it, mee too).
There is room to play some arbitrage buying and selling in different exchanges market, but the real problem is the speed of the transactions and keeping your dollars into all you accounts. You need to keep some dollars and some bitcoins in every market you choose to use (mtgox and few others) and buy/sell keeping an eye on the different prices. The problem is when you want to trasfer some bitcoin froma a market to another (it takes time! and some fees) and when you want transfert dollars in/out a market (it takes fees!!). You should check the transfert fees when you move your dollars and count if it is still valuable...
see also this question and its answers: How can one find how much "room for arbitrage" is there in the Bitcoin market?How can one find how much "room for arbitrage" is there in the Bitcoin market?