Hmmm... interesting topic.
I think that if Sauron wielded the Three Elven Rings, they wouldn't work as they would have done with Elven bearers. Since the Elves made them for a specific purpose, to preserve from the decays of time, I don't think Sauron could have really done much with them, except preserve what he created or built.
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But Melkor also was there, and he came to the house of Fëanor, and there he slew Finwë King of the Noldor before his doors, and spilled the first blood in the Blessed Realm; for Finwë alone had not fled from the horror of the Dark.
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