(I'd put my guide once here already, some may remember that.
I do think there should be a thread like this on the RP forums... or if not, it will certainly not hurt. ^^ Or well, hoping for any feedback.)

So you want an RP name and not sure where to start in creating. For some people (like me) it can actually take more time to make up a proper name that fits and you like too, than the character background itself. Hence I've written this guide.

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DISCLAIMER: I have no intention to say that this would be some ONE ULTIMATE way to name your character. You may have awesome names, just because they don't fit the guide. All I wish to do is share some tactics I use.
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Right, that clarified, let's get on with it.

A way to create a fitting RP name is catching the sounding of the language of the chosen race. The class or the alignment you choose rarely counts with your name (more on that below).

Some thoughts on (a possible) sounding, race by race:


Draenei:
Exotic. CH (pronounced as a harsh H) and J in the middle could be used.
A different effect can be achieved with D,R,N, V and /or B+N. The most frequent vocals are A, O and U, which are often doubled.

Some (absolutely randomly chosen) draenei names (that all happen to match my tips by accident :) : Archimonde (before the corruption of course), Dornaa, Nemuraan, Nobundo, Tamuuram, Valdu, Yllyria.

(Obviously, you should NEVER go with a name that is too similar to a lore hero name.)

Erethas' add:
As a lot of Draenei seem to have (ancient) Greek names, I can help with people who want to go that way, and might want a name translated from a word or phrase they like. I am by no means a technical master of the language, I just have the native proficiency.

Here are some examples:

Male names
Atrotos: Invulnerable.
Oxyderkis: Witty, perceptive.
Panaretos: Of many virtues.
Menos: Anger.
Pagetos: Frost.
Erevos: Darkness
Arhaikos: Arcane (sort of...)

Female names
Panorea: Beautiful
Erida: Reason for conflict
Polynike: Many victories
Ierilonhe: Holy blade
Theadike: Holy judgement ( read "Thea" as "Thea-tre")

PS: If you decide to pick a name by yourself using some sort of online dictionary, make sure to post it here for proofreading. Us Greeks have a bad habit of conjugating EVERYTHING, including nouns and adjectives who happen to have different male and female forms. I remember a female blood elf who thought it would be cool to translate "scarlet" into ancient greek for her name, end ended up with "Erythros", which is a correct translation, but the male form. The correct would be "Erythra"


Dwarf:
Viking-like names, that may be similar to Orcish names, except there are more often two or three syllables, and also N and M are frequent with their B, D, R, V, G.

Some Dwarven names: Kurdran, Magni, Muradin, Maz, Rothirm, Thordim, Valrim.

Dwarves typically have names reflecting the sturdy nature of their past. Many also have surnames that were earned by a member of the family in service during a quest or in a particular moment of notoriety or infamy that has now become part of a family legacy.
• Male Names: Barab, Aradun, Thorin, Magni, Garrim, Wendel, Thurimar.
• Female Names: Chise, Helge, Ferya, Furga, Krona, Imli.
• Family Names: Thunderforge, Bronzebeard, Hammergrim, Thornsteel, Chunderstout.

Wildhammers follow many of the same naming conventions as their Ironforge brethren, taking names that reflect noble ancestors. Wildhammer surnames recall great accomplishments of family members and clans.
• Male Names: Kazdun, Hagrim, Dondar, Soldrin.
• Female Names: Kella, Lorim, Ar-ya, Senica.
• Family Names: Beastclaw, Greatbeard, Thundertamer, Windseer.

Deimes

Edanna's add:
- Consonant-heavy.
- Dominant vowels are A, I and O.
- Dominant consonants are B, D, F, G, K, M, T, V and Z. They occasionally appear double.
- Go for a lilting* quality.


Elf (Blood or Night):
Longer names could be used here - three or four syllables. Soft consonants are preferred as N, L, F, S, M, T, H strengthened by a random R, V or D. Different vocals next to each other may also work well like A and E.
If I was to name a difference between Night- and Blood Elf names, then I'd say Night Elves may rather go for the vocals A, I, O with S while Blood Elves have more E with I, sided with C. But the difference is not really that sharp (hence I put them all in the same paragraph.

Some Elven names: Aenarian, Arathyrion, Atelniar, Cerrania, Elantira, Garelas, Soraya, Valeera, Ydrisselle.

Night Elves: Night elf names always have a special meaning. First names derive from an elven word or the name of a famous hero having a totemic or ancestral connection. Surnames are indicative of the family line and often date back millennia.
• Male Names: Ilthilior, Mellitharn, Khardona, Andissiel, Mardant, Tanavar.
• Female Names: Keina, Deliantha, Meridia, Freja, Alannaria, Nevarial.
• Family Names: Moonblade, Glaivestorm, Proudstrider, Oakwalker, Nightwing, Staghorn.


High Elves: The past is a burden to the high elves, yet they maintain naming rituals that are millennia old. Many of the names of elven priests and heroes have become the names used for elves in modern times. The high elves share a connection with the sun that is quite prevalent in their choice of family names.
• Male Names: Mariel, Athaniar, Anandor, Tharama, Viridiel, Malanior.
• Female Names: Anarial, Freja, Driana, Coria, Alanassori, Azshara.
• Family Names: Boughstrider, Dawnblade, Lightbringer, Morningray, Suntreader.


Deimes

Edanna's add:
- Vowel-heavy, double vowels and diphthongs are common.
- Dominant consonants are F, L, M, N and R. They sometimes appear double.
- Plosives (B, G, D, P, T, K) are somewhat rare and nearly always followed by an R.
- Spirants are popular, especially TH. GH is somewhat rare. S likes to appear both on its own and as a spirant (SH). Words like to end with TH, but almost never with GH. H is almost mute.
- Names never end with plosives.
- Go for a lilting* quality.


Gnome:
Gnome names can be utterly short and / or simple like Orcish names, but with a very different sounding.
I or Y (pronounced as I) are frequent. Many consonant could be used together, making the uttering a little tougher. G, S, SH, SS, X (careful here, as it's used for demon names too), Z, ZZ, P, F (the latter with P) may work.

Gnomes "generally take their surnames after their first invention". Pod

Some Gnome names: Ashli, Giztrix, Fizzcrank, Pod ,Ruzzle, Twypsyn, Wilfred, Xirith.

Gnome parents name their children at birth. Gnomes have family names that represent an honored ancestor’s achievements, but they only keep these names until some time in their 30s. At this point, gnome society expects them to have made their own achievements, and thus the gnome invents a new name that represents his own accomplishments. This name then takes the place of his family name.
• Male Names: Grobnick, Kazbo, Hagin, Snoonose.
• Female Names: Beggra, Nefti, Sorassa, Gamash.
• Family Names: Spinpistol, Airslicer, Bombtosser, Greatgear.

Deimes

Edanna's add:
- Dominant letters are I, F, K, R, S and V.
- Male names like to end with -a, -e, -l or -el.
- Female names like to end with -a, -ae, -al or -anna,


Goblins
Every goblin has a given name and a family name. The family names portray some ancestor’s achievement, though a goblin may take a new family name if he feels he has made an accomplishment that outstrips that of his eponymous forebear.
• Male Names: Zautso, Beedle, Chizbolt, Nuzak.
• Female Names: Lystis, Mefeero, Sazai, Rossa.
• Family Names: Steamgear, Boltnose, Manclamp, Leafgrinder.

Deimes


Half-elves
Half-elves follow the naming practices of the culture into which they were born. Many take human first names and elven family names.
• Male Names: Gaimus, Zorias, Mendell, Barrim.
• Female Names: Adelle, Meerith, Illin, Shereen.
• Family Names: Goldleaf, Stormdancer, Swiftwright,
Sunbow.

Deimes


Human:
Human names might as well as the easiest to create, since they often resemble to tad modified real life names (such as Arthas <-- Arthur, Jaina <-- Jane, Kel'Thuzad <-- ...err...we'll get back onto that later).

Consonants used here are very similar to those of dwarves, with an added T, S and H - but three syllables are more frequent here.
In short I'd say humans with naming - as with many other things - are somewhere in between elves and dwarves in general. Somewhere between "fussy" to "grumpy", if you will.

Some Human names: Arthedain, Ashling, Daraneld, Drothan, Lorya, Merandil, Rhadegar, Rhonas, Sharein, Wallain.

Human parents grant a child its given name at birth, while its family name has a long history and usually speaks something of its bearer’s ancestry. Some humans change their family names to emphasize their own accomplishments.
• Male Names: Merander, Gyram, Darrick, Hebry.
• Female Names: Lilla, Merian, Richelle, Ammi.
• Family Names: Renn, Townguard, Silversmith, Runetouch.

Deimes

Orc:
Often powerful sounding and short names with one or maybe two syllables. G, R (actually, "most orc names have at least one 'R' in it" Deimes), D, B as close too each other as possible - with or without a directly following H.

Some Orc names: Draka, Ghorbaz, Gorvar, Orgrim, Rend, Rhagduz, Targrash.

Should you be more into a Mag'har name, you might want to take Ravalik's advice:

"A fair few Mag'har Orcs have three syllables and no R's at all.
For reference, 'Geyah', 'Nasela', 'Qualia', 'Elkay'gan'."

Just blue tagging this... Nice guide :-)