Mount Doom has no magical attributes that I remember it's just the place where Sauron made the rings including the one ring. There wouldn't be much of a story if the ring were easily destroyed. But that being said i would also think if magical ability were able to destroy the ring then no one on middle Earth could do it, except maybe Tom Bombadil (the ring had no effect on him), because Sauron was the most powerful being alive at the time until Thor comes along wielding a weapon enchanted by Odin himself who, I would wager, registers a bit higher on the power meter then Sauron. I do agree however that he would probably have to smoke the bujeezus out of it or use his godblast.
The fires of Orodruin were the only thing that the Wise were sure would destroy the One Ring. They didn't have a dragon handy to test the dragonfire theory. The Wizards could have destroyed it if they used their divine powers, but they were limited to earthly magics by the rules governing their mission.
The One does more than just control the others. It supercharges the might of whomever wields it, making even a Hobbit able to dominate a weak mind like Gollum. That's why Saruman coveted it. In a Wizard's hands he would rival Sauron's might.
The One Ring didn't make Sauron unstoppable though. Earlier in the Second Age the Numenorians had beaten him down and dragged him in chains back to their island. Destroying the One was the only hope at the end of the Third Age because the old bloodlines of the High Men had mostly faded and the great Elven armies had mostly gone into the West. Sauron was ready to overtake the Free Peoples by force of arms weather he had the Ring or not.
If they had someone like Thor at their disposal, they might have had other options.
Re: the other rings. Sauron didn't make them.
In disguise, he had taught Celbrimbor the Smith, an Noldo Elf of Erigion, how to make rings of power. Cebrimbor and the other Elf-smiths made the Three, Seven, and Nine thinking they were doing good thing, unaware that Sauron had woven a "back door" into the enchantments he had taught them. This trap was what allowed the One to have power over the others.
Sauron then fled to Mt. Doom and began to forge the One. By the time Celebrimbor caught up with him, he was just finishing up and spoke aloud the famous poem to seal the enchantment. Thus was everyone screwed.
Sauron with his One ring got defeated by Isildur (a mortal) by cutting his hand. And Sauron went Kaboom. Thor with Mjolnir will burn Sauron's body off leaving nothing but the One ring. Without Mjolnir... Thor will break Sauron's fingers. Morgoth will be better cause he is like the son of Ilúvatar. Brother of Manwe, Morgoth/Melkor is the mightiest of the Valar but they threw him out.
Originally posted by JediMasterLuke5
All the ring does is give him the power to control the other rings and nothing else. Sauron probally would get killed By Gandalf the White if the Valar allowed him to use all his power.
Nah, Gandalf speaks in awe of Saurons power in the book a few times. Even in the movie you can see this...'I dare not take the ring myself!' He knows he wouldn't be able to shake the enchantment.
If Thor cast it away or destroyed it right off, I think he'd be OK. If he attemped to use the Ring or even just held on to it, he'd be screwed. Thor's succumbed to far less powerful curses than Sauron's before. If Thor's wisdom and experiences guide him, he'll be fine. If his pride and hubris prevail, so will Sauron.