Elves; it is simple. Tolkien already laid out possible situations on how Elrond and Galadriel could've used the Ring. They'd eventually fall prey to the Ring.
Orcs, I think, would've actually tried to keep it for themselves. They are not wholly under Sauron's will. They only act under fear of Sauron and hatred of the Free Peoples. If they were given a power that (they think) would be enough to topple Sauron, they'd use it. One of the main reasons that Sauron used the Nazguls to hunt for the Ring was because he could be sure they wouldn't claim the Ring for their own (see Unfinished Tales). I'm not sure about Trolls...would they be smart enough?
However, what intrigues me is the possibilities of a Vala claiming the Ring...
The Ring was made by Sauron, so its power can't be greater than Sauron's original native strength, can it? So the question is, if somebody was more powerful than Sauron ever was, would he be able to truly master the One Ring and remain uncorrupted? After all, the Ring's corrupting power is essentially Sauron's own power acting.
So if Manwe somehow ended up with the Ring, I think that he could actually use its power for good. Would he be able to hallow it and make it 'pure'?
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