There are three different 'flavours' of character races for you to choose from:

Elven Races

As well as elves, this includes sprites, imps, drow, and creatures from the lower or upper planes. If the race you are playing is magically very active, then the elf tables are most appropriate for you.

Elves are known to be lithe and dexterous, and their points tables are biased towards magic and dexterity, and away from body-building and power abilities. Elves have pointed ears and tend to be gentler in nature than their human counterparts. They also tend to have closer links with the elements.

Some make-up or prosthetic is required (horns, ears, etc).

Humans and Humanoids

Humans are best at priestly skills, as well as having reasonable all-round abilities. They come in all shapes and sizes. Humans have a wide range of outlooks and are the most variable (and adaptable) of all the races.

Half-Orc Races

As well as half-orc characters, this includes races such as goblins, duergar, dwarves and grimlocks.

These characters are not known for their racial intelligence. They are not very charismatic, and often speak in guttural voices (squeaky if goblinoid). They pick up basic weapon skills easily, but find the finer points of fighting more difficult. Magical skills are beyond most half-orcs. However, they have good constitutions and don't always smell.

Generally any two from: make-up, prosthetics or guttural voices are deemed appropriate.

Character Race - Summary

You don't have to hold to the cliché about your class, but you must hold to the cliché about your race. If someone looks at you, that person must be able to determine what type of race (from the three archetypes) you are. The exact details don't matter, but you must make a reasonable attempt.