It is an egg, that when hatched, the most powerful Pokemon ever comes out. Arceus. I'm not sure how you got the Arceus Egg because Arceus is a legendary Pokemon.
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He was born out of an egg
there is no arceus egg. there was only one in the universe, and that has hatched already! -- BUT... if you use an action replay code for "level 100 arceus in box 10" that's floating around youll have a bad egg instead of arceus im around step 30,000 so far on this egg but if it hatches an arceus im giving it to my friend lol, its not cheating if you tell them you cheated to get it before you give it to them =p
I am pretty sure that you can't get an Arceus Egg and a Bad Egg is bad news. A Bad Egg can't hatch! You need to get an Action Replay, get a Cloning Code and replace that Bad Egg. Trust me. This is from personal experience.
Nobody knows when the next Arceus event is but I missed it because I got mine from my friend or you can get a action replay and look for the bad egg code and the egg will hatch into a shiny LV.100 Arceus.
Arceus awakens the Pokemon you Choose, Palkia, Dialga or Giratina. The egg hatches during the event, and that Pokemon joins your party. It is Lv. 1.