Meditation works simultaneously on a number of different levels and dimensions at once. At the physical level, if one is chanting or speaking aloud, this practice causes even, rhythmical breathing, and sets up vibrations in the head and body that can have many subtle good effects, including relaxation and the toning and stimulation of the spiritual energy or maegen that we carry in our bodies and brains.
At the conceptual level, it can imbue one's consciousness with a particular thought, meaning, or essence, depending on the phrase or word that is used. For example, galdoring a rune will bring the power of that rune into your body and mind, and the more you do this, the more imbued you become with the power and understanding of the rune.
Repetitive chanting is one of the very best ways to bring yourself into a trance state, if you are seeking to do this. Speaking or chanting the name of one of our Goddesses or Gods, or a phrase of your choice that relates to them, with your full consciousness devoted to this practice will help to bring you into their presence and open up mutual awareness between you and them.