Making names in Fantsy and Science Fiction

I still didnot saw Hellboy 2, Underworld 1, Underworld 2(funny when I consider the fact, despite I am very intereseted in them). I was more busy writing novel and doing programming for the game, but increasingly my time is being engulfed by writing novels.
I like writing it anyway, and there is so much to learn. It is taking time, as I am busy deciding names for things and peoples in various races,and I want them different to each other, but similar in-between. for which I am selecting alphabet groups based on linguistic divisions(in Hindi) and overlapping as required to create that unique feel in names. And also names for word roots, prefixes and suffixes for words which are very common in fantasy - as I donot want to write complete dictionary - like vik = man, via = women.
Using it Dorvik is male dwarf and Sylvia is a woman. Further more syl = forest and Dor = may be caves. So sylvia is a nature power user wizard. Also note taht different races will need different words for same roots. like dwarwen word for man will be different like own, using it Dorv becomes Dorown.
Also there will be a common speech also. vik and via are words of common speech and as such can be easily used by any races.
Also names in a family, village, country, race need to be similar in that order but still bit different to each other group in that order. That is why Elessar(elven) and Khazad(Dwarven), feel so different. But Gimli son of gloin and, Aragon son of Arathorn are similar to in between them.

I am liking this system and it is working well and will solve the naming problem for future as well. Names need to mean something in mythology and need to sound sweet. Like Polgara(David Eddings - Belgariad), Cazaril(Lois Bujold - Curse of Chalion), simple but fantasy like. I am not in favour of unpronouncable names like xblmerphe and xnblmerphe, which many SF authors use. See how easy it is to pronounce Gimli or Gandalf.
For SF good examples are Salvor Hardin, Bel Riose,(Isaac Asimov-Foundation), Bran Sol(my own).
I am using alphabets from Hindi as it contains all the sounds pronouncable in any language, meaning if you can speak hindi clearly you can speak any language(For ex. japanese does not have L, so they pronounce Hotel close to Hoter.)