I found the cause of my issues.
LGS (Logitech Gaming Software) which runs for my keyboard, mouse, and headset. There's a plugin for teamspeak that was crashing where I can have any of the gaming G# keys mapped to teamspeak functions. It was LGS crashing the plugin, which crashed TS, which was hanging Arma. I was able to successfully replicate the problem, and by killing Teamspeak after LGS crashed, Arma unhung and returned to normal.
I would have to relaunch LGS and Teamspeak after the crash though.
I have disabled the TS plugin for the LGS. Mainly what I was using it for was PTT from my headset/keyboard without having to map the key to press a standard key...
For example, if you use ~ as your PTT talk key, if youre in any window that accepts text, you will have a spam of ````````````````````````````````` or ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ in the text box. So I had a G-key mapped for PTT so I could talk without spamming text.
I have resolved this problem, by mapping PTT to F8, and unmapping F8 from everything else ingame. Atleast for now.