The ring Aragorn wears is the Ring of Barahir, a human hero of the first age. Finrod Felagund, Friend-of-Men, gave the ring to Barahir as a symbol of the friendship between Elves and Edain. Barahir gave the ring to his son Beren, and so it passed down the line to, eventually, Aragorn.
Oh, and Aragorn is much hotter than Legolas. No question at all.
[bows low] I almost pinged you to that question when I said I didn't know if it had significance. I knew if it did have meaning, you would know what it was!
Thanks! I'll pass that along to hubby. (The ring part, that is, not the "Aragorn is hotter" part.:)