Well, there could be a chance that one of the Elf Lords living in Aman could have defeated Sauron, but none of those living in Middle-earth probably could. It seems like the strength of the Elves and Men diminished from the First Age onwards, but Sauron's strength might have done the same. I mean, if Luthien defeated him with a song in the First Age, couldn't a combined force of Galadriel, Elrond, etc. cause him a great deal of damage? After all, look what the Last Alliance did, although with severe casualties.

Luthien never defeated him in song. Here's what happened in the Silmarillion-
She didn't do much of anything to him. She just fainted and Huan did all the fighting.

Sorry. I got confused with the Lay of Beleriand and the Silmarillion.