Peregrine is derived from Latin peregri, an adverb meaning "abroad, away from
home." From peregri you get an adjective peregrinus, "in foreign parts";
and then a verb peregrinor, "to wander (in foreign parts)." Tolkien could
have rattled this etymology off in his sleep; like almost all of Tolkien's
names, the meaning was, no pun intended, meant. As a general rule, if you
don't understand a character's name, you haven't yet got the joke or caught the
allusion.
"Flet" is, I think, borrowed straight from Anglo-Saxon;
from memory it just means
"floor."
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All that is gold does not glitter,
Not all those who wander are lost;
The old that is strong does not wither,
Deep roots are not reached by the frost.
From the ashes a fire shall be woken,
A light from the shadows shall spring;
Renewed shall be blade that was broken,
The crownless again shall be king.
