The US embassy website states that anyone who has ever been arrested (even if they were completely innocent) is ineligible to travel under the Visa Waiver Program. So the simple, 'official' answer to your question is 'Yes'.
Like Steve & Daz, I'm keen to save myself a lot of unnecessary typing. For a more detailed reply, see my post here:
http://www.theanswerbank.co.uk/Travel/Question 356167.html
(Although that question was from someone who was imprisoned for drink-driving, the answers still apply to you even if you weren't 'sent down').
Chris