You know, the 3.5 book series "Races of..." as well as some of the other similarly themed source books contained "proper" names for some such races. I am particularly fond of elves and always like using the elf name generator (when I am not playing my default elf wizard Ari, which is short for something you could never pronounce in a million years and neither can I). For instance, you might come up with the name Kanathquis, which translated (roughly) means "Of the Chanting Eagle." When I come up with such names, I often keep them to myself, and when my character introduces himself to the other players, I will often use the translation, something simple like "Chanting Eagle," or simply "Eagle." I think this is a good policy. Keep names simple and easy to remember.
I myself have a great memory for faces but a terrible memory for names (even common ones like Kevin). To my embarrassment I often have to ask people I have met on several occasions to remind me of their name, for while I recognize the person and the many times we have shared, their name is something that is simply difficult for my brain to remember. So even in the games I DM with the characters I have created, I will often refer to Swiftbow as "the human archer who is really fast with his bow" simply because I have forgotten his (ironically simple and descriptive) name.
I once played with a DM who insisted on naming each and every one of his NPCs Bob, simply because he had the same difficulty I do. It didn't do much for immersion, but it was simple enough to differentiate Bob the minotaur from Bob the elf since he rarely used the same class/race/monster combo twice (he made a point to try to avoid it). He never bothered to learn our characters' names either. And I had a perfectly enjoyable game with him because otherwise he was a great DM with imaginative stories, plots, and adventures.
Sometimes a name just isn't that important. In Dungeons & Dragons Online, I name each an every one of my characters the same save for the last two letters (which often have some minor significance as to the character's function or nature). That way, everyone knows who I am when I am online whether I am playing my main character, an alt, or a bank toon. It's just easier that way.
For example, in Keep on the Chaos scar, the very first person you meet is a gate guard named Fallek. Totally didn't see that one coming and read it aloud to my players.
