this is triky because you have to react automaticaly.
first bring your aposing arm up firm and strong with your elbow pointing slightly out to the side but horizontal to your body and your semi open hand directly 20 cm from your face. when the blow conects (it will bruse your arm) swing your hand round the back of the arenders arm and cup the elbow and force your fore arm into theirs mahing their arm bow and then (this is were it becomes realy unpleasent) swing your hand (still cuping the elbow) betwean your bodys simultaniously griping the elbow with your other hand for more force and keep going until you hear the wet crack of the ofenders shoulder. now this is the time to decide wether or not they deserve it or not. you have dislocated their arm but that can be poped back in so if this person is realy viciouse or dangerouse. now slide your original defending hand down to the wrist and push up wilst pushing down with your other hand (do this with all your stength) and the arm will snap at the elbow. warning aditional blows may be delt upon you but if done properly this manouver should only take 5 seconds.
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Part of the answer will depend on the target of the punch. In most cases you want to redirect the force rather than try and stop it. Most blocks use the forearm to do the redirection.