A while back I did some tinkering with Markov chains for name generation. You can check it out here:
http://dungeoncrawl.us.to/namegen/
This pulls from the names of various elves from the Lord of the Rings books, but you can feed it any name list you want to get derivatives.
http://dungeoncrawl.us.to/namegen/ge...ile=names2.txt
At one time I had it hooked up to the npc_types table in an attempt to use existing EQ race names to seed it but that's pretty unreliable.
The source is in the archive.