Let's go through my races. None of them speak the actual language, but something close to it.

Dwarves speak gaelic. It's musical, and it doesn't fit the stereotype of dwarves. My dwarves are not stereotypical dwarves at all.
Elves I need to change to speak German. I like the German language; it can be quite interesting to listen to.
Gnomes quite definately speak Dutch. My gnomes are more elf-like than dwarf-like.
Halflings speak Old English. Halfling is what is as good as common in these lands.
Humans speak a language heavily influenced by Halfling, as well as Goblin, as Humans themselves are descended from those two races. However, one group speak with a Russian accent, the others a British accent.
Hobgoblins speak French.
Orcs speak Romanian.

What was originally Half-elf is not actually a Indo-European language at all. It's some deep african language, haven't chosen yet.

I'm making a language tree right now.