Unfortunately coolsculpting will not do much for lipomas since the fat in lipomas is too dense and enclosed. Surgical excision is the best way to approach this.
I would not recommend using CoolSculpting to treat lipomas on the arms and abdomen. Lipomas need to be completely removed to treat them and CoolSculpting would only reduce the fat but not completely remove them. Surgical excision is the method of choice for removing lipomas on the arms and abdomen.