1. A pulse oximeter comprising: a sensor configured to detect first and second electromagnetic radiation signals from a patient corresponding to first and second wavelengths of light; an analog to digital converter, coupled to said sensor, for converting said first and second electromagnetic radiation signals into first and second digital signals; and a processor, coupled to said analog to digital converter, said processor being programmed with a filter module for filtering said first and second digital signals, a first oxygen saturation calculation module for determining a first oxygen saturation value using a first saturation calculation algorithm applied to said first and second digital signals, a second oxygen saturation calculation module for determining a second oxygen saturation value using a second saturation calculation algorithm applied to said first and second digital signals, and an arbitration module for arbitrating by said pulse oximeter between said first and second oxygen saturation values based on a saturation confidence associated with said first and second oxygen saturation values to select a best oxygen saturation value.