Well, there used to be a really great site with all of the weapons and their inscriptions, but I can't find it for the life of me.
I do know that in the movies at least, Arwen's sword's inscription says its name with a small spell on it and the name of the original owner (one of Thingol's relatives - niece, I think?). Glamdring's inscription basically says that it belonged to Thingol and I think it has some sort of "orcs beware" type spell on it. Off hand, I can't think of any of the other inscriptions (not that I'm 100% sure on these either [img]smilies/wink.gif[/img]), but the info. is on the web. You just need to know where to look.
One place I didn't get around to trying was
www.warofthering.net . Their weapons section is pretty informative.