It's almost creepy how some of them fit...and others are funny simply because they make no sense at all.
http://www.mbhs.edu/~bconnell/cgi-bi...i?cpw=1&phrase
A few of my favorites:
Fellowship of the Ring= Horsewhip lofting elf.
The Two Towers= The stew or two
Return of the King=Token finger hurt
Lord of the rings=sort of held ring
Gollum=Go mull
Smeagol=Gleam so, Ogle Sam
Gandalf the Gray=Lead thy gang far
Frodo Baggins=Bag sin for God
Bilbo Baggins=Aging bib slob
Eowyn=Ye won
Theoden= Heed not
Galadriel= A lead girl