if you want to completely replicate the human arm, you must make an arm that has seven degrees of freedom.
https://en.wikipedia.org/wiki/Degrees_of_freedom
which will be quite hard to acheive.
you could consider making something like the Lynx5 or the Lynx6
**broken link removed**
im also thinking to build a robotic arm like the Lynx5. the only problem im having right now is that the motors are going to cost me a fortune (well, considering its only a summer mini-project it is a fortune)