The only real use it has is using Glare to paralyze everything in sight, but weaknesses to Earthquake and Psychic really hurt it. All in all, Arbok can work if given proper support, but it's too fragile to really shine.
This set is perfectly suited for standard play. Glare will paralyze all Pokemon bar Ghost-types and will always be a great help; just watch out for its shaky 75% accuracy. Rock Slide can flinch paralyzed foes and hurts Salamence and Gyarados somewhat, while Earthquake takes care of Steel- and Rock-types to an extent. Arbok will hopefully paralyze a speedy threat such as Salamence, but Skarmory and Weezing don't like to be paralyzed either.
Maximum Attack investment lets Arbok hurt its foes as much as possible. The listed EVs enable Arbok to outspeed all Tyranitar not using a Speed-boosting nature. While Glare removes the need for a lot of Speed EVs, other good Speed numbers to hit in standard play are 204 (beats most Metagross), and 265 (beats Breloom, nearly all Gyarados, and some Dragon Dance Salamence).
Body Slam can be used on a Choice Band set, or for decent neutral coverage along with a handy paralysis rate. Despite Arbok's below-average Special Attack, Giga Drain will 2HKO Swampert. Hidden Power Ice does huge damage to Salamence and Flygon, as well as most Ground-types, but with a much better Special Attack stat, Seviper pulls off a mixed set much more effectively.
Haze isn't going to do much as Arbok has neither the defenses or resistances to use it, but it's an option if you're afraid of Baton Pass chains; just be sure to use Shed Skin instead of Intimidate. Arbok's Shed Skin ability also works alongside Rest; the only way for Arbok to use the move effectively is by attempting to take advantage of Shed Skin's 33% chance to remove status conditions at the end of each turn. You could also use Sleep Talk; Arbok is actually a good sleep absorber and switch-in to Breloom.
With proper prediction, Snatch can let Arbok steal a Dragon Dance boost from the likes of Salamence, but Arbok is highly unlikely to beat Salamence before it KOes Arbok with Earthquake. Thief enables Arbok to rob Skarmory and Weezing of Leftovers, which can prove a significant advantage, but be sure not to give Arbok an item of its own if using Thief.
Checks and Counters
Dugtrio survives Sludge Bomb and OHKOes Arbok with Earthquake. Safer switch-ins include Rhydon, Donphan, and Swampert, who can come in on anything except Giga Drain. Every Steel that doesn't die to Earthquake is a great Arbok counter: Skarmory, Forretress, and Scizor can come in on Arbok quite easily as they're immune to Sludge Bomb; with its huge Defense stat, Metagross works here too. Arbok cannot do much damage to Weezing and Flygon, the latter of whom resists Sludge Bomb and Rock Slide and is immune to Earthquake. However, these Pokemon might be hindered by possible paralysis.
Suicune's astronomical HP and defenses let it shrug off everything Arbok throws at it and it can Rest off status; however, Choice Band Sludge Bomb can wear it down. Slowbro functions similarly, and even has access to STAB Psychic to quickly KO Arbok. Milotic also makes a decent counter as it gets a 50% Defense boost if paralyzed or poisoned. Salamence and Gyarados hinder Arbok greatly with Intimidate and a super effective Earthquake off their high Attack stats, but if you manage to paralyze them on the switch, they will be much easier to defeat.