The English language, as it is recognized right now is made up of 44 sounds, known as phonemes. Sounds are generally speaking made by letting air out and either letting it go completely, Stopping it then suddenly letting it go or causing friction on the way out (well it is a little more complicated than that + add to this some sounds are voiced and some are not...) sometimes things sound like something else backwards and usually it is accidental- though very cool.

though it seems to me it is a little like cloud watching.

Been through Ishtar's 'live @ the temple' demo (MK1 2001) and found.

Sleep no more

(backwards)"I am woe, sing the words around, save you save you"
(forwards) "the end is dawning fast, but I will fight on to the last"

Pyrhhic Victory

(backwards) "I am feeling good good, this is my life, I feel so good"
(forwards) "Blood will flow in the streets tonight, but what we all shall see, its just a pyrhhic victory"

Faded Dreams (Lyrics Warren Keene)

(backwards) "Foreign food my ear"
(forwards) "I will not fade I will not fall"

Subsidence (Lyrics John Walker)

(Backwards) "That was something that someone else,would ever explain over the past, Oh laa, we would have been something"
(forwards) "Bring down on us your worst, you won't be disappointed, in battle we're well versed, the new kings have been appointed, two man band on the run run, let us go now."

Might try reciting them onto tape tomorrow to see if they come out even remotely similar.