I am 1000% sure those lines are in Sindarin. The combination "ae" doesn't happen in Quenya, and words can't have 2 consonants at its front or end. And I think it was Galadriel speaking the words (it sure sounds like her). Did you know they were originally going to have Frodo narrate a much longer prologue? (thank you, extended DVD!)
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"Come, come!" he shouted, swinging his axe. "Since Gandalf's head is now sacred, let us find one that is right to cleave!"
-Gimli, after hearing Galadriel's message to him in TTT
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