If you are having audio (input) issues with LOTRO when running under Lion, especially with the In-game Game Ranger Voice system, but also with Ventrilo, and Team Speak -- try this.
Go to Utilities / Audion MIDI Setup.app
Select your input device and change the Format from 44100.0 Hz to 48000.0 Hz.
This may or may not help you -- it got my audio, that had been working well under Snow Leopard 10.6.8),to work again under Lion 7.2
(Check the various Apple discussion groups on Final Cut and iMovie for discussions about the issues.)