a lot of people say trolls but if you were to judge things from a racial skills point of view, imo they aren't the best.
You have to ask yourself if 1% crit and that short haste boost is really worth it. Increased crit is always nice, but 1% isn't a lot. And about berserking... you get 30% haste when you're almost dead. Chances are you won't get to use that. Let's be serious, what are you going to use 30% haste on? Steady shot or aimed shot. When you're that low hp, will it really matter? Maybe if you freeze-trap and start casting a steady or aimed, but even without the 30%, you still would've been able to cast it before the trap ends. So what's the deal? If you use it before that, it's only a 10% haste boost which is pretty decent, but considering it lasts for such a short time, you might want to look at other racials as well. In wotlk, trolls get
Da Vodoo Shuffle which is particularely nice if you're trying to kite someone.
If you're horde, you might want to take a look at orcs: passive stun resist, ap buff, increased pet damage. You won't be using the pet damage on lastwow, but stun resist is pretty amazing, especially against rogues and warriors. The ap buff is also good when combined with rapid fire and perhaps berserker's call for a iWin macro.
People see blood elves as the worst horde class for a hunter, but it's very debatable. Arcane Torrent and Mana Tap work very well for caster classes, but hunters too can get huge benefits from them. Combine viper sting with mana taps and you'll be draining your opponent's mana a lot quicker. Also, the 2 second silence is one of those skills that in certain circumstances can make the difference between a win and a loss in the arena.
The best choice would probably be tauren. Extra hp is very nice but the racial that sets them apart from the rest is war stomp, which put in the hands of a good hunter can be pretty amazing. Using this skill on a ranged class can be done in 2 ways, defensively, but offensively as well. Stunning pesky rogues or anyone else for that matter that gets too close when you're trying to kite can prove to be vital, may give your healer those extra 2 vital seconds time to heal you. Use it offensively to interrupt heals, casts, prevent opponents to get away, to protect your healer, there's tons of uses for it. In wotlk it's particularely nice to war stomp and disengage right after to be launched away from a group of melees that's trying to chop you down. They aren't that sexy looking though, cows with bows, but make sure that if you do pick tauren, you go female because males are just too fucking fat, seriously, as a male tauren
trying to kite will be hell.