Inscribed forms of magic and the enchantment of objects are entirely possible. :) Like anything else, it's probably possible but not exactly to the same degree as first imagined. Enchantments, charms and runes are bit of obscure territory though because the question is still unanswered concerning if it is the spell that is most important, the ingredients/items/writing, or if both are equally necessary for a proper "magic item" or rune.

In other words, for the sake of protection or augmentation, one could use such a thing, and as you seem to assume correctly with your "protected against telekinesis, vulnerable to fire" illustration, it wouldn't be perfect.