[Halbarad]

If you are really interested, look in the Silmarillion, in the last chapter titled "Of the Rings of Power and the Third Age". Their power was indeed to ward off the effects of age and time.
If you know the three as fire water and air/earth you will be able to see some of their power in use during LotR. For example, when Frodo is beset by the Nazgul at the Fords of the Baranduin (?) and the Nazgul enter the river to follow, Elrond sent a massive flood that washed them away. Whether or not he did this consciously or whether it was a protective ward placed on the river so any minion of Sauron would be washed away I'm not certain.
Gandalf had at his command fire- which he uses to fight the wargs in The Hobbit, and Uses at various points during the LotR. As these are combined with his other powers I am confused as to the extent of his own power as it existed apart form the ring.
How do you think Lothlorien became the most beautiful and well tended forest in Middle Earth? Galadriel used Nenya (adamant) to nurture the trees. This is the most obvious warding and slowing of the effects of time.
Tolkien always used Power (note the capital) as a word to describe the arts and destructive power of the Enemy, whereas the Elven 'power' was more closely related to art and subcreation, as opposed to destruction. Hence, the Elven rings would not have granted the bearer masses of power that could be used to destroy their enemies unless they already had it. Galadriel was responsible for the destruction of the walls of Dol Guldur in Mirkwood- Her ring enhanced the large amounts of 'power she already had, as did the rings of Gandlaf and Elrond, who were powerful without them.
It is for this reason that Frodo, even if he had successfully claimed the One Ring, would have only been enhanced in accordance with his own inherent power and stature, so he could have possibly been destroyed by a more powerful being or beings. That is at least how I understand it.

[ September 17, 2003: Message edited by: Halbarad ]