What would have happened...
While Elrond and Gandalf were strongly against using the Ring, they could have used it against Sauron. Here's a short paragraph out of my big red book with all of the LOTR books in it (not including The Hobbit and The Silmarillion). I found this in the Foreword. The paragraph before was talking about WWII when JRR Tolkien wrote the books.
The real war (WWII) does not resemble the legendary war (War of the Ring) in its process or its conclusion. If it had inspired or directed the development of the legend, then certainly the Ring would ahve been seized and used against Sauron; he would ot have been annihilated but enslaved, and Barad-dur would not have been destroyed but occupied. Saruman, failing to get possession of the Ring, would in the confusion and treacheries of the time have found in Mordor the missing links in his own researches into Ring-lore, and before long he would have made a Great Ring of his own with which to challenge the self-styled Ruler of Middle-Earth. In that conflict both sides would have held hobbits in hatred and contempt: they would not long have survived even as slaves.
What I'm guessing it means that if Tolkien had based it upon WWII a little more, Sauron (Germany and Hitler) would not have been destroyed, but put under the order of the conquerors (USA and Roosevelt). They refer to the hobbits not surviving as the Jews did not survive in the concentration camps in WWII.
Very interesting...