The JISC have recently updated their Elluminate Live Good Practice guide (http://www.jisc.ac.uk/elluminateguidance). This focuses on exploring how to use the Elluminate Live Conference tool in teaching and learning. At UCS we use GoTo Meeting, which offers a very similar feature set. I would recommend you spend 15 minutes, with a hot drink and read section 3: designing for participant engagement. This outlines lots of potential ways of enhancing teaching and learning, and works through a number of case studies and work flows.
If you'd like to discuss how to transfer these ideas into your teaching, please email the Elevate Team (firstname.lastname@example.org).