Recently I wrote an article on MMOHut.com about how developers should focus more on original fantasy races than the usual Tolkienesque elves, dwarves and hobbits.
Anyone who has read Ken St Andre's A Fragmented History of Trollworld will know that his versions of these classic fantasy races are slightly different. For example all dwarves are vegetarian (all their teeth are molars) and trolls are the most wise and ancient of races.
I've made some adjustments to a couple of common T&T kindred myself:
Elves are a wild people who live in small tribes in forests and jungles. They often use tree sap and colouring to dye their skin to identify themselves in a certain tribe and to make themselves look fearsome to other tribes. Elves are skillful hunters, using makeshift bows and spears to take down their prey. Their metabolism allows them to eat meat raw and elves are often found tucking into the meal they have just killed right on the spot. Elven mystics, known as Shabolei, use the natural energies around them to fuel their magic.
Elves are wary of outsiders and will almost always attack those who wander into their territory. Sometimes curious elves leave their green homes in search of adventure, especially the young ones. Elves have almost limitless age and the old ones can be distinguished by their long noses and fingers. It is not yet known if an elf has ever dies of old age.
Fairies live in a world between worlds, where stone circles in the real world are gateways to their realm. Fairies are a peaceful race who seek to help others in need. Although fairies are only a few inches tall, they are able to grow to human size for 5 hours a day, however they still retain their wings (which grow in proportion). Fairies have a blueish tint to their skin and their touch is particularly warm. Fairies always carry a totem of some form with them when they are travelling to worlds that are not their own. If they were to lose their totem they would not be granted access to the fairy realm until they found it again. As a result many fairies have become trapped in the real world and have slowly been driven to madness, even savagery. The fairies are known as Falara, or 'The Lost', in fay tongue, and can be spotted by their reddish skin. Fairies can usually last years in the real world without returning to the fairy realm, but merely days after the time when they should return home they begin to change mentally.