Hahahaha...yeah, Moorcock's super-prolific and has been around nearly 50 years now, so there's a tangle of editions, collections, renaming, pseudonyms and stories in general anthologies...you want the omnibus titled Elric of Melniboné to start the Elric saga...most of his other heroes only run to a few books. Oh, and it helps to have read at least one (loot the temple! ravish the wench! slaughter anyone whose skin is darker than a mid tan!) original Howard Conan the Barbarian story so's you know what Elric was deliberately written as the inversion of.

Avoid Gloriana: it's interesting, but is also screwed up. I think you'll like Corum, though.

Amen to that! Alas that I don't really have space for one.