The elven rings of power

[lathspell]

At least in here we do fully agree, the phantom [img]smilies/wink.gif[/img]

The Three Rings were made long ago, just like many lesser rings, and the Seven and the Nine, in Eregion. There Celebrimbor, grandson of Feanor, made the Three (Narya, Nenya and Vilya) and they were his greatest so far. Sauron however had thought the craft of Ring-making and wanted to submit them and made the One, yet the Elves percieved him while he finished making it. They hid the Three from Sauron.
- Nenya (Ring of Water) went to Galadriel and was there still after the destruction of the One.
- Narya was given to Cirdan of the Havens, who awaited the arrival of the Istari and gave the Ring to Gandalf, though he came last, for Cirdan forsaw great perils and deeds in Gandalf's future.
- Vilya was given to Gil-Galad, who was at that time High King of the Noldor, but he gave to his Elrond.
Sauron has ever searched for their hiding places, until he knew that the One was found.
In lotR - the Council of Elrond, Gloin asks where the Three are, if they are idle, what the Elves are doing with them. Elrond answers:

The Three were not made by Sauron, not did he ever touch them. But of them it is not permitted to speak. So much only in this hour of doubt I may now say. They are not idle. But they were not made as weapons of war or conquest: that is not their power. Those who made them did not desire strenght or domination or hoarded wealth, but understanding, making, and healing, to preserve all things unstained. These things the Elves of Middle-earth have in some measure gained, though with sorrow. But all that has been wrought by those who wield the Three will turn to their undoing, and their minds and hearts will become reveiled to Sauron, if he regains the One. It would be better if the Three had never been. That is his purpose.'

Galadriel clearly used the Ring to preserve the land of Lothlorien, and therefore I guess there was the weird experience with Time there. I don't know how Elrond used the Ring. Maybe by healing Frodo. Aragorn says something like: 'Only in Imladris, at Elrond's home, there is such power of Healing still. And Imladris is hard to find, maybe that has something to do with Vilya as well, but it is mere guessing.
Gandalf used Narya to give people hope and rekindle hearts from despair and fear, and I think the greatest example for this is found in Minas Tirith. Wherever he went people's spirits would lift and despair would fall from them.

Of course, the Silmarillion will tell you loads more about the Three, as Halbarad has pointed out. This is the best I could do.

greetings,
lathspell