To refine my question further, does this text fit into the lore somehow, and do we know anything more about it than these images?
The http://img713.imageshack.us/img713/5991/oghma1.jpg page definitely says something relevant, since it makes explicit mention of dwemer ("duarv"), "Septim", and "Oghma Infinium". The mentions of the iceberg and lockbox also make sense, since that's where the book is found. But even with properly replacing the characters, it's difficult to understand when you don't have any punctuation while relying on Google Translate. Not to mention, the whole right side of the page is broken up which makes it hard to find the word breaks, so it will probably need someone who's more familiar with Portuguese to help. And if no one else has done it, I suppose I should finish converting the page to use proper English characters (some are being quite difficult to match up, since they're so small and purposely smudged and blurred a bit).
As for the "arcane scribblings", I'm definitely seeing English writing on some of the pages, just in a
very stylized font. On the bottom section of http://img198.imageshack.us/img198/1664/arcane02.jpg, I see:
"(something). This person came across the Oghma Infinium, recognized it..."
On http://i40.tinypic.com/23o0fq.png I see:
"Alduin World-Eater: Alduin is the Nordic variation of Akatosh and only..." (seems to be part of Varieties of Faith)
Bottom section of http://i39.tinypic.com/szvl9u.png:
"everything else. Alduin was the creator(?) of dragon time, (???) - the Firstborn and the..."
It's really hard to make out, and I can't be certain I'm not reading some into it.