I sometimes hear a guitar player described as having an 'arpeggiated' style, such as Peter Buck of R.E.M.
I know that an arpeggio is the 1st, 3rd, 5th and 8th of a scale, but exactly what does it mean to play this style on the guitar?
An arpeggio is simply a chord played one note at a time. So if you're playing in an arpeggiated style, then instead of strumming the chords, you'll play each note of the chord one at a time. You mention Peter Buck, whose playing on "Everybody Hurts" is a perfect example of arpeggiated playing.
Strumming a D-chord:
Arpeggiating a D-chord: