"The only way to destroy it, is to throw it into the fires of Mt. Doom." Elrond gravely intoned. There was silence for a few moments.
Then, what sounded like an elf asked, "Mt. Doom is a volcano, would any volcano work? For that matter, even if it would not destroy it, would it not work to just toss the ring into any deep volcano? As we all know, the Nine are not able to withstand fire, certainly not long enough to swim to the bottom of a volcano. For all we know the Dark Lord has regained strength recently because of Gollums and Bilbos use of the ring, and so while it may not completely destroy him it would forever prevent him from regaining more strength. We would also have the time to chip away at his forces without the worry of the massive battles of war, and I've no doubt that within a century or two he would once again fall dormant, this time for good."
All present had turned to watch the speaker and were now just blinking in shock while their brains tried to process that overload of information.
"Or would perhaps the flame of a Balrog be strong enough to destroy the ring?" This question had come from a dwarf, "I have a good idea of where we might find one."
And with that the council was dismissed for the day, though it was still morning, in order to give everyone some more time to think things through and do some research in Rivendells grand library. Glorfindel had also tied his hair up, and resolved to keep it tied up. They would meet again the next day, hopefully without anymore shocks.
A/N
For those who don't know, Glorfindel is twice-born, he died once while slaying a Balrog because he didn't tie back his hair. The Valar decided he got to live again and sent him back to Middle Earth.