I doubt they will do that as the dragon shouts are in draconic. A fully fleshed out real language with it's own rules and everything that has been really thought out like Elvish in lord of the rings.
I doubt it will really be as fleshed out as that, unless Bethesda employed actual linguists for the design of the game. I'm sure we'll get some infomation on the language, but for the purpose of the game, it doesn't really need to be a full language with its own grammar, an extensive vocabulary and all that stuff a real language would have. After all, Bethesda isn't creating it so that you can use Draconic to talk to your friends or what not, it's just there for the game, and for game purposes, it really just needs to sound like it could be an actual language when character's speak it, presumably, though, at least the words that are used for dragon shouts will be given meaning. Though that doesn't mean there can't be easter eggs hidden in there.
As has been said, though, all shouts are apparently three words, so any shout can only be three words in length.