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If you know the old Norse well enough that you can pull it off without major mistakes, I guess go for it.
If you can't speak O.N., I'd advise you against using various on line translators. Find someone who can actually speak it to translate it for you.
Now the inscriptions on various amulets were historically of two kinds: one is just individual runes, or sets of individual runes repeated several times
like on the Lindholm Amulet: http://www.asatru.si/articles/pictures/lindholm.jpg
This was obviously done with some sort of a magical or protective purpose, because the repeated runes don't spell out any particular word.
Now the second type of runic inscriptions on objects were simply the claims of ownership ("I belong to Such and Such, or This spear is the property of Such-and-such), or the information about who made the object (Such-and-such made me, sometimes a date or a purpose is also stated.)
Another form of rune magic uses inscriptions for evoking the power of the word. For example, one would write "health" in runes several times on a piece of wood and burn it, or on a piece of cheese and eat it. Writing the word in runes several times while concentrating on the meaning of the word is basically the entire "spell".
What purpose did you have in mind by putting such an inscription on your hammer? Avoid doing things just "cause it looks cool" or similar reasons.
Runes have power. Be careful what you do with them, study them carefully in advance and make sure you know what is your purpose for doing anything with them, BEFORE you do it.
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