Step 1: Understand the concept of evolutionary arms race.
An evolutionary arms race occurs when two species continuously evolve adaptations and counteradaptations in response to each other. In the case of prey and predators or hosts and parasites, each species tries to outcompete the other through evolving more effective strategies.
Step 2: Evaluate each option.
Option (A): Correct, snake venom toxin specificity and prey receptor modification is an example of an evolutionary arms race. As snakes evolve more potent venom, prey species evolve better receptors to resist it, and vice versa.
Option (B): Correct, egg discrimination by hosts and brood parasite egg coloration is an example of a coevolutionary interaction, where hosts evolve strategies to detect parasitic eggs, and parasites evolve to match the host's egg coloration.
Option (C): Incorrect, cooperative breeding and offspring survival rate are more of a cooperative strategy and do not reflect an arms race where one species evolves to counteract another.
Option (D): Correct, crypsis in prey and visual acuity in predators form an arms race where prey evolve better camouflage, and predators evolve better vision to detect them.
Hence, the correct answers are (A), (B), and (D).