Yes. With both Nenya and
the One Ring,
Galadriel would have been able to make
Lothlorien an utterly impenetrable
realm. With the mastery of
the One, she would have been able to dominate both
Elrond and
Gandalf the Grey, seducing them to serve her interests. As has been said above, Galadriel would pursue dominion over
Middle-Earth by making all beings love and worship her. Her conquest would start with the
Elves of
Imladris and
Mirkwood, as the power of the One would let her throw down
Dol Guldur with ease. Galadriel would build a great army of the Elves left in Middle-Earth and reinforce it with
Men from
Rohan and
Dale. With her beauty and charm enhanced by the One Ring, Galadriel would even have been able to bring the
Dwarves to her side. With such strength, the Lady of
the Golden Wood would then be able to march to
Gondor and bring the
Dunedain of the South under her control. With all the Free People united under the Elven-Queen's banner, Galadriel could throw down the Black Gates, march into
Mordor itself, her great army with the power of the One Ring coordinating and motivating them would be able to crush and scatter
Sauron's forces.
At that point, the Lady would take her great host and go to
Barad-Dur itself and with the One Ring on her finger, she would command Sauron to come forth and kneel before her. The
Dark Lord would come forth and then the true contest would begin. The victor in this case would be a toss-up as one of
Tolkien's letters states that one of
the Wise with the One Ring would be a match for Sauron indeed, but the contest would be a very even match. In the case of Galadriel proving superior, she would destroy Sauron's physical form and likely crush his spirit into impotence with the power of the One. The Lady would then likely shatter the foundations of Barad Dur and bring
Dark Tower down.
Together, Elves, Dwarves and Men would build a great
city for the new Ruler of Middle-Earth, Empress Galadriel. In the city of New Caras Galadhon, all of Middle-Earth would worship their new Empress unto the ending of the world.
It says in the Mirror of Galadriel:
