I've tried to compare the races in Morrowind, with the real world people. This might sounds like a racist talk, which is NOT my intention.
Redguard: Black people. Strong Athletes, good fighters.
Nord: Wikings. Crazy berserkers.
Imperial: Latinos, since the Imperial are like roman legionnaries.
Breton: North American natives. Shaman magic & good axe fighters.
Bosmer: Japanese people. Agile, fast, Zen-archery training.
Dunmer: Australian aboriginals. Good in magic and combat.
Altmer: Chinese people. Wise, but weak physically. They get their ass kicked easily.
Orc: They kick ass.
Khajit & Argonian, are animal races. No comment
Kind of fun...