I suspect a lot of my friends, on hearing that a Lord of the Rings musical is being planned will think of Once More With Hobbits the online filk of the Buffy musical using events of the LotR. Any Buffy fan respects a filk that can produce:
GIMLI: Am I crazy?
LEGOLAS: Am I selfish?
GIMLI: Am I dating someone elvish?
No, my first thought was of another ridiculously long ring cycle, Der Ring des Nibelungen (is LotR a homage to Wagner?) and that immediately led me to the far shorter and funnier What's Opera, Doc?. One of Chuck Jones' finest shorts, and the first animation ever to be inducted into the American National Film Registry for being "among the most culturally, historically or aesthetically significant films of our time". So I have spent the entire afternoon quietly singing "Kill the hobbit! Kill the hobbit! kill the hobbit!" (wav of original here).
(news via the Big Smoker)