Based on the tune of "Bohemian Rhapsody" (like you hadn't already guessed!). About the time the hobbits spent in the house of Tom Bombadil
Sam:
How much is real life, how much is fantasy?
In the Old Forest, the truth is not plain to see.
Lean back 'gainst a tree, suddenly you're inside.
I lit a fire, Frodo just hacked away,
Merry:
But then we heard a song, before long,
Saw daylight and colors bright:
With his boots of yellow, Not a normal fellow,
I think, I think.
Pippin:
Fed us on bread and cheese,
Freshest cream and wild berries,
Laid out by fair Goldberry
Then Tom, he saw us to bed, he said,
"You need not fear a nightly noise."
Hobbits:
Old Tom, Oh-oh-whoa,
With his hat and britches blue,
I wonder if I saw him there in truth.
Go to sleep, go to sleep;
Will he be there in the morning?
Frodo:
Next day, as rain fell down,
He told us all the tales we'd hear,
And he laid to rest our fears.
Then he, he saw my Ring,
And he asked if he could hold it in his hands.
Well, I gave it to him;
Bombadil slipped it right on,
He didn't fade, just looked at us and laughed:
Carried on, carried on -- like it didn't really matter.
Sam, Merry, and Pippin:
Well, Frodo didn't like that;
He took his golden Ring back,
Checked to make sure 'twas his Ring
And it was:
Tom B:
Frodo, come back here, set your feat up by my fire:
Hobbit dear, come back here,
Where do you think you're going?
Very, very frightening -- but you must do the right thing -
For this quest you need a road, and a plan, and much more,
So you best sit right back down.
Merry, Pippin, Sam:
Tom Bombadil
Sat up in his lazy chair,
Frodo sat back down,
Bombadil's eyes lost their worried glare.
Bombadillo, will you help us on our way?
Hat of blue, trousers too,
And his boots of yellow!
Bombadil:
No! I will not take the ring!
Hobbits:
Keep it here!
Bombadil:
I do not master evil things,
Hobbits:
But Bombadil--
Bombadil:
All the day, I only dance and sing!
Hobbits:
But you can--
Bombadil:
Only dance and sing!
Hobbits:
Oh, Please Tom--
Bombadil:
Don't concern myself with things
Hobbits:
Bombadil--
Bombadil:
Of evil, foreign rings
Hobbits:
Keep it safe!
Bombadil:
No, no, no, no, no, no, no!
I'm Bombadillo, Bombadillo, master of all that you see.
But all my strength ends at the edges of my lands,
My lands, my lands, my lands!
I will tell you where to go,
Teach you the right songs to sing,
But beyond all of that,
No, I'll not take the Ring,
Frodo:
Then you'd set us on our road
And leave us to die?
Bombadil:
That fate is set in motion
By those far stronger than I!
Oh, Frodo, open your eyes, dear Frodo!
The Ring's not for me, 'twas destined for thee,
Off you go!