Enter 47-year-old Arquette ... who told us he's got no fear and would be totally down for a real-life fist fight because he gives zero EFFS!!!
"Yo, CM Punk ... if you wanna fight, I'm ready bro. Any f*cking time!"
Arquette says Punk can pick the time and location -- and he's ready to go!!
Of course, he's probably kidding around since he has zero MMA experience -- but on the other hand, Arquette's been training like a maniac for his pro wrestling comeback and doesn't seem to mind the pain.
So ... maybe?!!
As for CM Punk, you already know his story ... he fought twice in the UFC and didn't fare well either time. Good dude, though.