For example:
Bad Luck Occurances
Luck=20, You may get stuck and killed by lightning during a storm every once in a while (1/1000 chance)
Luck=1, You get struck by lightning quite often when you go outside, whether or not there is a storm, though it does not kill you and you recieve a resistance to lightning upon getting struck twice.
Luck=100 You get struck by lightning only if you are trying to supercharge something.
Good Luck Occurances
Luck= 20 , you find a fully decked out soldier on the side of the road, dead (1/100 chance)
Luck= 1, You find three fully decked out barbarians thirsty for you blood, standing on the side of the road (1/100)
Luck=100, A mage from a faraway place teleports near you and gives you a letter to anyone who can help before he dies, triggering a quest. The quest ends in you getting the best weapon in the game.