If you'll convert, you'll be part of the Jewish People, and you'll have both a religious and a national (NOT an ETHNIC) committment to your brothers in the Jewish faith AND in the Jewish People. Obviously you'll be entitled to retain your arab culture/language, just like a Mizrachi Jew sometimes speaks Arabic or an Ashkenazi Jew sometimes speaks Yiddish. Regarding your way of life, I think that joining Judaism would entirely change it.
Man shot dead in northern Israel town of Bi'ina, police say the murder was gang related (Haaretz)
from the article: Israeli population stands at 7,695,000 at end of 2010