You will most likely not get funded for the MA so I don't know how worthy that may be. If you're willing to spend an amount on the MA, you should think about doing an intensive Arabic program overseas which usually does not last longer than a year (so you can apply for the upcoming academic term) and will give you experience in such country. Specific programs I am thinking about is CAMES at the American University of Beirut or perhaps the Arabic Language Institute at the American University of Cairo (both universities are highly ranked and prestigious in the Middle East. Those programs might even cost less than tuition for the MA and there are a lot of scholarships and bursaries offered for such programs.
Georgetown, NYU, and U-Texas all offer FLAS funding (stipend + tuition) for their MA program in Middle East studies. NYU offers FLAS funding to about 10 accepted students. In contrast, they only accept a maximum of 6 students for the Ph.d. program. Couple this with the fact that admissions standards are lower for an MA, and I think its more probably for me to be accepted into a funded MA program than it is a funded Ph.d. program right now.
You're right though--if everything was entirely out of my own pocket, an intensive program abroad is the best choice. IIRC, AUB and AUC only offer funding for those programs to people who are already students or have been accepted. Thats the rub--a lot of funding is requires you to be a student now, when I need the funding in order to be a student!
On my SOP for Ph.d. applications I note that if I am accepted for the Fall of 2010, I will do another intensive program before classes start (because I can quit my job before the program, then go off to school). I don't know how far this promise in the SOP goes--I imagine its something everyone says.
