Combine output on same line

I am trying to get some data from a file and print it on the same line.
I have a script that gets the date/time and calculates a DB query call time and sends to a file. I need to take this file and send it in a xcel like format with multiple data columns.

example output file (fndbq.out)

01/11/08 10:29:05
Elapsed: 00:00:00.27
01/11/08 10:29:37
Elapsed: 00:00:00.29
01/11/08 10:30:08
Elapsed: 00:00:00.25

I need it to look like this

01/11/08 10:29:05 | Elapsed: 00:00:00.27
01/11/08 10:29:37 | Elapsed: 00:00:00.29
01/11/08 10:30:08 | Elapsed: 00:00:00.25

I am having trouble this isn't working as expected.......

#!/bin/sh
clm1= grep / fndbq.out
clm2= grep Elapsed fndbq.out

printf $clm1 | $clm2

One possibility with awk:

awk '!f{a=$0;f=1;next}{printf("%s | %s\n", a, $0); f=0}' file

Regards

perfect, thanks so much.

Another way using sed an awk:

>  sed -e '$!N' -e 's/\n/ \| /g'  file                       
01/11/08 10:29:05 | Elapsed: 00:00:00.27
01/11/08 10:29:37 | Elapsed: 00:00:00.29
01/11/08 10:30:08 | Elapsed: 00:00:00.25
> awk '( NR%2 != 0){printf("%s | ",$0);next}1 ' file
01/11/08 10:29:05 | Elapsed: 00:00:00.27
01/11/08 10:29:37 | Elapsed: 00:00:00.29
01/11/08 10:30:08 | Elapsed: 00:00:00.25