Theoretically, anything. Individual practitioners specialize but you can specialize in a lot of different ways. The ones I can teach best are destruction magic, shadow magic, shapeshifting, and teleportation. I can also do invisibility but I can't teach it well. The basics can be taught in a week. You get more powerful with practice, it will probably take longer than we have for any of you to get up to my level, but I'm pretty powerful even by the standards of my world where this is much more common. Learning a particular spell takes a week to a month, generally. It's possible to learn spells that you can't cast because they are too powerful for you. Lots of useful spells need to be reinvented because I only have access to the ones in my head, Curufin has a bunch of people on that and they've made some progress over the last two months but not a ton.
If it fell into enemy hands it will probably be very bad. I don't know if he can use it himself, or how good a maia like Sauron would be, that would be the worst case, but I don't think elves have a very large natural advantage at this sort of thing, if any. And there are supposedly millions of orcs. Also, it can potentially do plane shifting and it would be a bad thing if Melkor conquered this world and then plane shifted back to mine, mine has a lot more people than yours does.