I vote for the Swedish Chef as Elrond. I can just picture it...
Chef/Elrond: Yuoo hefe-a oonly oone-a chueece-a. Zee reeng moost be-a destruyed. Bork bork bork!
(Translation: You have only one choice. The ring must be destroyed.)
(Yep, I used the dialectizer on that! Wonderful thing...

)
Hey! Where's the Evil smilie? I liked that one!