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If you want a friend with benefits (it does sound like that's what you're saying), it's best to stay as emotionally detached as possible. Instead of explaining all of it, I'm going to tell you to...

The gnome/troll thing you mentioned made me think of the Hobbit, but is it possible that the gnome/troll was a little boy? The movie described above sounds a bit like Pete and the Magic Dragon.

Fern Gully.

All the details are fuzzy to me, but I believe the hero was an alien who lived with an Earth family. He wore a costume that resembled a bug, drove a car that split into a bike, and drank juice...