The bit with Elaine and the ring was explained by Mike Stemmle, the co-designer of Tales of Monkey Island here
. The thread those quotes came from
is actually a good read on the subject on the whole.
As for the teaser with Morgan, I'm sure it was meant to be vague as to how it was possible and what was going on since it's just meant as a teaser for things to come (whether or not it will ever happen though is another question, since LucasArts management isn't very adventure game friendly these days).