I agree with the previous comments.

I used generic lookup tables in one project but then soon started running into some of the problems refferred to in http://www.sqlservercentral.com/columnists/dpeterson/lookuptablemadness.asp

Some of those entities started to require more than a Description column, they wanted things like Code and ShortName, which meant having lots of nulls and was certainly breaking normalisation.

However, I don't see anything wrong with having a generic middle tier data object (e.g. .NET strongly typed datset) which has two columns, say Id and Description which can be used to read any look up table into. This can allow for generic ways in handling populating drop down lists and caching reference tables.