Now I've got this inexplicable desire to play an archer. I'm considering making my next D&D character a ranger. Or, alternatively, a fighter with appropriate feats. But the favored enemy option intrigues me, as does having some kind of scouting creature.
A bard might also make an interesting archer. Though I've played a bard twice already. Neither time was particularly satisfactory, although the first time it was certainly entertaining, and the second time the fun flow problems were caused by the game, not the character. And the GM. Who was horrible. But that's a rant that doesn't need to be repeated.
Anyway. The first time I played, it was fun, but mostly because I was having a lot of fun with limericks. I did an entire character journal in limerick. The game only lasted two sessions, but those two sessions were pretty awesome. Being the first KordCon campaign probably had something to do with it.
The problem I had with the bard is that I had a hard time feeling useful. This may have been because of the level. Using bardic music felt like a meaningful contribution, but I could only use that once per day. At higher levels, with the ability to provide those bonuses in every encounter, the bard thing might be better. Because then I'd be something other than "not as sneaky as the rogue, not as magic-y as the wizard, and not as fight-y as the fighter."
But, anyway. Archer. Elf or human would work--I was thinking halfling, because there you'd have both a racial ability modifier and a size modifier increasing your attack bonus. Except then I remember about reduced damage dice, on account of being sized small. Now, a halfling wizard specializing in rays, that would be awesome.
I'd probably end up deciding race based on setting. In Eberron, I'd totally go with an elf. Elves are awesome in Eberron. Basically anywhere else I know about, I'd probably play a human.