(Decided to make this somewhat based off your elf named Random)
The history of Illyhar's ring is unknown. Some say that Illyhar himself crafted the ring, others argue that Illyhar robbed the creator of the ring. Regardless of the story, the ring is known as the famous possession of the adventurer Illyhar, as no other stories tell of another individual with the same ring.
Illhyar's ring of Warping is a solid gold band with few details on it, but when worn the begins to shine different colors. The color changes randomly and determines what power the ring currently possesses. The color changes once per round. As a standard action, the wearer of Illhyar's ring may activate the ring gaining the power associated with the power. Illhyars ring functions once per day, after being used the ring no longer shines and instead is a simple gold band.
Black - Gain the Spell warped template
for 10 rounds.
White - Gain the Saint Template
for 10 rounds (if non-good, replace all the features of the Saint template with non-good equivalents, such as granting a double strength Magic circle against Chaos for a lawful character.
Red - Gain Fast Healing 1 for 10 rounds, additionally anyone who attacks you with a melee attack takes 1 fire damage.
Green - Increase in size (as per enlarge person) for 10 rounds
Blue - Gain Darkvision and underwater breathing for 10 rounds.
Celestial Blue - Gain the Outsider type as well as DR15/--, SR 25 + Character Level, and a +2 Sacred bonus to Str, Con, Wis, and Charisma for 10 rounds.
Yellow - Cast a Blinding Light in a 100ft radius AOE centered on yourself. Anyone caught in the light must make a DC10 + Character Level + Charisma save or be Blinded for 10 rounds.
Orange - Gain construct immunities for 10 rounds.
Violet - Gain a +5 Sacred Bonus on diplomacy checks with nobility for 10 rounds.
Silver - Ignore damage reduction and Spell Resistance for 10 rounds. Additionally, at the beginning of your turn, randomly teleport into a square 10ft away from you.
Jade - Gain a +8 enhancement bonus to Dexterity and Strength as well as the ability to move over difficult terrain normally for 10 rounds.
Gray - Instantly Die.