What is moderate joint effusion, joint space narrowing "lateral" of the patellofemoral joint and bones slightly osteopenic and signif. Vascular calcif?

Osteoarthritis. Your description suggests that you have moderate osteoarthritic damage to the knee. The effusion is the joint fluid which has been produced by the arthritic inflammation. The vascular calcification is arteriosclerotic changes in arteries. Ask your doctor to review the films with you.