Hmmm... I believe strongly that Tolkien intended a double meaning; that LOTR could be either Sauron or the one ring, as a way to express there intimate relationship. In the movie Gandalf says "the're one, the ring and the dark lord", but I don't think he means that litterally.
In the swedish translation the series is called literally "the master ring", but I think that translation is missing something...
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And with that he lifted high his sword and flames ran down the blade
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