This comes from "Tolkien, The Illustrated Encyclopedia"...
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Huge and hulking, the Balrogs were Man-like demons with streaming manes of fire and nostrils that breathed flame. They seemed to move within clouds of black shadows and their limbs had the coiling power of serpents.
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This was one of the most detailed description of a Balrog I've seen. And there is not one mention of wings.
I believe its "wings" are a metaphor for the aura of evil and darkness it emitted.
As for their size I would say a little over twenty feet tall. I wouldn't really consider ten or so feet "Huge". Someone mentioned earlier they were about ten feet because of the size of the doors of Moria. But if you remember this Balrog was entombed thousands of years before the formation of Khazad-dum. Maybe it was entombed through use of undergound tunnels or the door it was put through was completely sealed so you could not see where it was afterwards. It was probably horrible luck the dwarves released it.
[ July 15, 2002: Message edited by: Ulairi ]