I have seen several interpretations of MRI's on here so I going to give this a shot.
I have had low back pain for several years. I have had a couple of MRI's done of my low back as well as X-Rays. Years ago, an X-Ray showed I had cracked my coxes(sp) and an MRI showed slight movement of the Lumbar spine.

I just received the results of a Lumbar MRI and this is what it says:
Indication: Acute Low Back Pain

Sequences: Sagittal T1, sagittal T2, axial T1, axial T2, and sagittal STIR

Findings:
Preserved lumbar lordosis, with mild disc desiccation at L3-4 and L4-5, with subtle loss of disc height. Marrow signal is unremarkable with no evidence of a compression fracture or metastatic disease.

The intraspinal cord, conus medullaris and proximal cauda equina are unremarkable.
The conus is at the expected position.

L1-2 level: Mild broad-based disc bulging, partial flattening of the anterior thecal sac, mild facet arthropathy, with patent neuroformaina.

L2-3 level: Mild hypertrophy of ligamentum flavum, mild facet arthropathy, with patent neuroforamina.

L3-4 level: Mild broad-based disc bulging, partial flattening of the anterior thecal sac, mild hypertrophy of ligamentum flavum, mild facet arthropathy, with enferior neuroforaminal narrowing.

L4-5 level: Moderate broad-based disc bulging, indentation of the anterior thecal sac, mild hypertrophy of ligamentum flavum, mild facet arthropathy, with inferior neuroforaminal narrowing.

L5-S1 level: Mild disc bulging, mild indentation of the anterior thecal sac, mild hypertrophy of ligamentum flavum, mild facet arthropathy, with inferior neuroforaminal narrowing.

Impression:
No Acute Osseous Process
MILD TO MODERATE, MULTILEVEL LUMBAR DEGENERATIVE CHANGES, FROM l1-s1, WITH MILD DISCOPATHY (MILD DESICCATION AT L3-L5), FACET ARTHROPATHY, ANDD NEUROFORAMINAL NARROWING, PREDOMINANT AT L4-5