Figwit is an elf first seen at the Council of Elrond in Peter Jackson's 2001 film incarnation of Lord of the Rings: The Fellowship of the Ring. He has dark hair, a stonefaced expression, and no speaking lines in the short time that he is visible in that film. He is next seen in Lord of the Rings: The Return of the King and has his first speaking line of, "Lady Arwen, we cannot delay!" following Arwen's vision of her future son, with his final line being, "My lady!" Rumor has it that Jackson called him back deliberately for a line in RotK. One can only hope. Figwit also has a good deal more screen time on the extended edition DVD of FotR as well as on the extras disc.
"Figwit" is not this character's real name--he is completely anonymous in FotR and known only as "Elf Escort" in RotK--but rather an acronym for "Frodo is grea--who is that?!?" That particular phrase is used to describe him because, right after Frodo declares that he will take the One Ring to Mordor and the audience is beaming appreciatively at his bravery, this mysterious elf is seen in the background looking stoic--and, in the minds of those who dubbed him "Figwit," amazingly attractive. Of course, seeing as most of the actors portraying elves were chosen for their ability to induce copious drooling in most moviegoers, this is really nothing out of the ordinary.
Figwit's three main specialties are having pretty hair, looking pretty, and pouting prettily, which are basic skill sets possessed by all of Jackson's elves. His actor is one Bret McKenzie, who is currently living in New Zealand.
Sources
http://www.figwitlives.net
http://www.imdb.com
http://www.istari.f9.co.uk/bret/rest.html