arse around vs joke

arse around is not a noun while joke is a noun.

Word	Noun	Adjective	Verb	Adverb
arse around	No	No	Yes	No
joke	Yes	No	Yes	No

As verbs, joke is a hypernym of arse around; that is, joke is a word with a broader meaning than arse around:

Other hypernyms of arse around include jest, play.

arse around (noun)	joke (noun)
	a ludicrous or grotesque act done for fun and amusement
	activity characterized by good humor
	a triviality not to be taken seriously
	a humorous anecdote or remark intended to provoke laughter

arse around (verb)	joke (verb)
indulge in horseplay	act in a funny or teasing way
be lazy or idle	tell a joke; speak humorously