For Altmer, Argonians and Imperials, where there's enough of a lexicon available to do translations, I make up names appropriate to the character. So, I have an all-electric Altmer MagSorc whose name means "Thunderous Light", an Argonian NB whose Jel name means "Hidden Serpent Means Death", and an Imperial MagBlade whose cod Latin name means "Reman The Fake" (because he's really a Breton).
For the others I just use names stitched together out of bits of character names from earlier TES games, but it's not nearly so much fun.