Not only did Gandalf know what the Balrog was, they might've been good old chums once upon a time. Balrogs (literally "Demons of Might" [key word "Demon"]) were originally Maiar (who else could've been an immortal "Demon"?).
Legolas knew because of the Gondolin thing (and the fact that any Elf worth his eyesight knew what a Balrog was ["The greatest of the Elven Banes, save the one who sits in the Dark Tower"]). Can anyone say (and I know you're gonna play the "Noldo vs. Sinda" card) reincarnation?
Elves don't "recycle" names. The Glorfindel at Gondolin and the one in Rivendell were one and the same. After Glorfindel was killed in Gondolin, he was sent back by the Valar from the Halls of Mandos. Allegedly, that's what happened to Legolas, too. (There should be a thread about that about a page back, or it might be the one already mentioned in this thread.)
Happy Hunting!
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