This is a discussion that you are more then welcome to input on, the translation below are the best understaning that i came up with, if you have an idea on what the translation describes or an idea on a better translation please post about it.
vol
maar ko vulon
wen rinik su'um
komeyt dinok
"terrifying horror within night, whose very breath issues death "
drog
rok wo kreh
faal sonaak do sot
wah ok ahmik
"The lord who twisted the priest of white to his service."
al
voth jot do nil
drey rok diivon
tiid nimaar
"Destroyer with a maw of void, he did swallow time itself."
From my best deciphering of this prophecy it appears to describe 3 things which I listed below.
It appears to describe some of the events that play out in skyrim.
It could also be a representation of the legends that surround Alduin.
It could also be used to refer to Hermaeus Mora The deadric prince of knowledge.