I am once again reminded of Middle Earth being Morgoth's Ring. If the One Ring is anywhere in Middle Earth, but apart from Sauron, then Its powers are still "property of Sauron." Probably far-flung, but does it make sense that since Sauron was Morgoth's servant, the Ring that is Middle Earth was passed on to him when Morgoth was cast into the Void? Thus, no matter where the One Ring is, It is still his, and he remains the only one who can wield It...as long as It is within the Ring of Middle Earth. This is probably why giving up the One Ring to the Sea was considered in getting rid of It, because the Sea is not anymore under Morgoth's, and in effect Sauron's, dominion.
As for getting the One Ring back, it is not really necessary for Sauron to do that because of the previous explanations (which are very good, if I may say so). But since he knows fear just as his master Morgoth did, he has to get It back thinking that someone might be able to "pull" the Ring off him.
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