three rings for the elven-kings under the sky

[Arwen Imladris]

I think that the elven rings were like the one ring - anyone could use it, but not any one could use it to it's full power. Frodo could use it to become invisible, but he would not have been strong enough to rule Middle Earth with it. The ring would have overpowered him.

I think the same is true with the elven rings, although I believe they had less malice in them. If a hobbit came across an elven ring, he would not be as powerfull as Elrond was with the same ring.

Each ring had a very specific purpose. The ring of water, nenya, for example, probably would have given the wearer a better appreciation for rivers and lakes. If a dwarf came across one, I think that he would be less consumed with gold and become more aware of nature. But it would depend on the strength of the individual on how much he was changed.