Here's a rating, incorporating some suggestions. feel free to amend it.
Who would have thought hobbits were so courageous (other then Gandalf, that is
)
1-Sam Gives the Ring back to Frodo
2-Frodo's efforts to destroy the Ring
3-Bilbo leaves the Ring for Frodo
4-Bilbo goes down the tunnel to first Smaug confrontation
5-Gollum's epic efforts to regain the Ring
6-Pippin looks into the Palantir
7-Sam fights Shelob
8-Frodo defies the nazgul at the Ford of Bruinen
9-The Bullroarer kills an orc while he's defending The Shire
10-Bilbo gets the dwarves out of Thranduil's Realm
11-Pippin kills a troll outside the Iron Gates
12-Bilbo saves the dwarves from the giant spiders
13-Rosie has numerous children and emotionally supports Samwise
14-Bilbo gives the Arkenstone to the elves and men of Dale
15-Farmer Cotton
16-Merry helps slay the Witchking of Angmar
17-Maggot and the Gaffer are not cowed in questioning by the nazgul
18-Bilbo returns to Erebor after giving up the Arkenstone
19-Lobelia confronts Sharkey's gang with her umbrella
20-The Hobbit Archers join the struggle against Angmar
21-Frodo finally (with "assistance" from Boromir) decides to go to Mordor
22-Deagol finds the Ring in the Anduin
23-Fatty Bolger stays behind to cover Frodo's trail