Is this the same as "I only have two hands," meaning something along the lines of "I can only do so much at a time." ? Or is this literally speaking about arms?
It is exactly the same as "two hands" and we also use "je n'ai que deux mains", depending on the task.
Ouais, arrêtez-vous de crâner, Vishnou!
(This is meant to mean 'Yeah, stop showing off, Vishnu!'. Not convinced it's completely correct...)