Klaus Kinski as Gollum would be the icing on the cake. That would be amazing to see. I was a huge fan of Nosferatu ('79), a visual masterpiece. The soundtrack for that film gets stuck in your head easily.
Wow, I just found this parody. Lord of the Rings Movie of 1940. This isn't what I had in mind, but it's great:
http://www.youtube.com/watch?v=3xruJ...eature=related