Aaron Bitman wrote:How about Fin Raziel, from the movie "Willow"?
And Fin Raziel vs. Bavmorda makes the fight between Gandalf and Sauron look like a tea party.
First Gandalf doesn't fight Sauron so I have no idea what you mean. Second - Fin Raziel is fantastic no arguement there. Third - flashy scenes in a move don't measure power. If you think Gandalf isn't powerful you have to review his backstory (Simarillion). That Balrog in Moria is not much below a Demi-God in power. Gandalf defeats it in a battle that takes days - and is reborn more powerful than before. Had he been a woman - it would have been just as epic - but not as easy to imagine Tolkien writing in his era.
Galadriel is a bad ass - and old old old but elven; hard to imagine how old.
One other issue I think is that most older, powerful fantasy types are settled not adventuring. Adventuring is a young person's pastime. Once characters accumulate enough wealth and power they tend to retire and/or become embroiled in too many political and guild related activities to go on the adventuring road...