Hm, you guys don't understand the races. Guess I'll have to be a huge nerd and explain it.
Altmer, or High Elves, have a somewhat Asian background combined with the more Tolkien-esque elven culture.
Argonians are self-explanatory; they're swamp-dwelling lizards, some similarities to modern American blacks, but it's unintentional.
Nord are Nords, Norwegian vikings, simple enough.
Bretons were created when ancient Nords interbred with the Aldmer, the ancestors of the High Elves. They're dirty, dirty half-breeds.
Khajiit and Redguards are both based on Middle Eastern people (sand honkys), with the Redguards obviously leaning more towards regular honky, with a small amount of Asian thrown in (the Asian influence is barely mentioned, unless you go as far back as their original homeland of Yokuda).
Bosmer, Wood Elves, are barbarians, basically. Unlike the High Elves, Dark Elves, or Orcs, Wood Elves were created, rather then descending from the Aldmer.
Imperials are white people. Regular, boring white people.
Dunmer, Dark Elves, were Altmer who left gay, boring Summerset Isle to check out Morrowind. Some shit went down, people got killed, and they were deformed and turned into Dark Elves, now they're awesome.
Orcs were a clan of elves whose leader, Trinimac, was eaten by the Daedra Boethiah and turned into Malacath, and the elves were then turned into Orcs, They're not honkys, although their culture is sort of a mix of Redguard and Nord culture.