Aneurysm and narrowing off the arteries? What does this mean?

Combination. Aneurysm is an enlarged blood vessel. Frequently there are intraluminal thrombus that fills the lumen to about the normal vessel size. Narrowing of the associated vessels( iliac for example below aorta) may have atherosclerotic plaque and narrowing as a part of the total disease process.
Different. Narrowing of the arteries pretty much describes what is going on. The arteries are getting smaller and blood flow is reduced. An aneurysm is a dilation of a blood vessel which puts is at risk of rupture. It needs to be followed routinely.