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Slim lost his arms, because he once worked in a bank, only for Tommy Morgan to shoot him right in the arms. Slim was a kid with the keys to the vault.
It was never picked up by Adult Swim for a full series, though there might be a possibility for Cartoon Network and/or Adult Swim to produce an animated series about an armless human with legs, but it wouldn't be Saddle Rash.
First completely armless protagonist on Cartoon Network. Let alone, Adult Swim.