Paul,
As fanstastic as the ring trilogy + hobbit are, The Silmarillion and other tales contain more than enough history to overdose the most rabid/avid Tolkien junkie. Tolkien was fascinated by ancient languages and folklore: Scandinavian, Germanic, Saxon, and Celtic, just to name a few. Consider that he began inventing languages with his cousin so they could play secret games as young children.
The languages hinted at in the above posts are the two most prevelant and ancient elven languages. Tolkien was a nut, and I for one, am thankful.