Blood elf (female).
Having a hard time choosing between these :(
The racial's are pretty good and cosmetically, they just scream "I am a hunter".
I mean, c'mon, Troll males have the best looking and most individual bow casting animation of all the races.
Blood elf if you fancy looks and dont mind flipping out your pocket mirror now and then and do your hair while your pet is killing mobs. AoE silence is useless for hunters, the only casters that come into your melee range are frost mages and thats just asking for a scatter shot in the face. you still might get some focus back from arcane torrent so its not 100% useless.
Orc racials are both Win/Win for hunters and usefull in pve and pvp and the s11 gear looks pretty badass on them, male or female.
1 Goblin (male with gun/crossbow) / Orc (Male with Crossbow)
2 Undead (male/female with a skeletal pet) / Blood Elf (male/female both with bow only)
3 Troll / Tauren (both genders)
1 Orcs have by far the best racial for both PvP and PvE. The Goblin "Rocket Jump" could also be a good choice if you like PvP, since everyone with a big nasty weapon will probably try making contact with you. For this situation, Tauren "Warstomp" could also prove beneficial, but it could be a double-edged-sword since they lack in the damage department.
2 Trolls are not bad either, if you seek to deal some damage in both PvP and PvE, although the snare reduce is not all that impressive. If you will mainly PvP, I would actually roll a Goblin for the Rocket Jump over a troll. But Troll haste racial in a macro with Rapid Fire and trinkets are nice for any occasion, be they PvP or PvE.
3 Undead / Blood Elf: As mentioned, the silence is not very shiny, but can save a lot of trouble if the frost mage wants you dead. And using Will of the Forsaken will cause your trinket to have a smaller cooldown, but more than enough time to have you killed many times over..
Orc female is nice too.
While undead doesn't feel hunter-y at all. Undead male looks quite nice.
Source: Elitist jerks
BUT! Looks >> racials