I had a brainstorm (more like a light drizzle) in a separate thread. Take your favorite scene from The Hobbit or LOTR, and rewrite it as if it had been done by the Pythoners. Here's my example from the other thread: the scene is just after tea with Thorin & Co. at Bilbo's home -- instead of "Break the bowls and crack the plates, we could have this song instead:
Thorin: Just think chaps! We're about to begin the quest to reclaim...The Lonely Mountain!
Dori: The Lonely Mountain!
Bifur: The Lonely Mountain!
Dwalin: (Muttering) It's only a model...
Thorin: Shhh! (A beat passes) Fellow questors, let us ride to...The Lonely Mountain!
(music begins, the dwarves begin to dance and sing)
We're dwarves of the Lonely Mountain
We're breaking all your porcelain
We bend your forks
Like ugly orcs
With intelligence uncertain
We dine well here at Bilbo's
We have toast and jam and Fritos!
We're dwarves of the Mountain Lonely!
Our mines are fine, not homely!
We craft our jools
And act like fools
But can't beat Smaug alone-ly!
We gotta find a burg-a-ler
And not a fearful grocer-ler!