Little did I know that someone really did make the movie... err... well... somewhat. I must have missed this MTV recreation when it first aired - the dangers of not having cable.
Not work safe, but I bet you knew that.
Windows Media Player version - http://www.milkandcookies.com/links/4752/
Flash version - http://flashshows.web1000.com/lotr_spoof.html
Edit: OK, I'm the only idiot who has never seen this. Fine. I can live with that.