Note: This is based on the song "Under The Sea" from the Little Mermaid. It only really works if you know the tune and words of the original. My friend and I wrote it as a joke, so it's not very serious.
Elfique, good point, I wasn't sure about those bits anyway they're sort of a private joke, so I took them out. Thanks for the review :)
The normal writing is Elrond and the italics Gandalf.

In Valinor

- Arwen is sitting on her bed. Elrond comes in to speak to her -

Arwen listen to me.
The world of men, it's a mess.
Life in Valinor is better than anything there.

- Gandalf comes pretending to be a DJ and says: -

Hit it!

The men are always hotter
In somebody else's race.
You dream about wooing Aragorn
But that is a big mistake
Just look at the men around you,
Right here in Rivendell,
Such beautiful elves around you,
What more do I have to tell?
(Gandalf OH!)

In Valinor
In Valinor
Darling it's funner
When you live longer
Take it from me (And me!)
Up in Gondor they fight all day
Away from their wives they slave away
While your devotin'
The elves there are gloatin'
In Valinor

Over there all the elves is happy
As off on the boats they go
The men on the land ain't happy
They sad 'cos they can't go (Ha!)
One day when they lay to re-st
They in for a worser fate
Guess where they are going ne-xt?
Put into a dark damp crate (Dead!)

In Valinor
In Valinor
Nobody leaves you
To die and grieve you
In Valinooooor
You what Aragorn loves to fu- Daddy!
Over the sea you're of the hook (except me!)
You'll have no trouble
Fun will be double
In Valinor (In Valinor)
In Valinor (In Valinor)
Elf life is sweet there
We got the beat there

Naturall-ee (Naturally ee-ee-ee)
Whether it's night or if it's day
They get the urge 'n' start to play
We got the spirit
You got to hear it
In Valinor

Pippin is a fool
And Merry is too
Sam is too chubby
And Frodo's a wussy
Gandalf's O-K
Legolas is gay
And Boromir is soon to die (Yeah)

Saruman is greasy
Denethor, he's crazy
Gimli's too short
Grima has a wart
Eomer smells
And Faramir, well
Plus Aragorn well he's a man!

In Valinor
In Valinor
When the Valar
Started Arda
It's music to me
What do men get? Not a lot
We got elf music that is hot (Mmm)
Each little elf here
Knows how to jam here
In Valinor
Each little boy here
Got his toy here
In Valinor
Each little girl here
Knows how to flirt here
That's why its hotter
To cross the water
Ya you're in luck there
Think you might go there
To Valinor