It's even funnier if you sing along, but substitute 'dildo' for Bilbo. And you might as well, considering how gay Hobbits are, especially in the movies. Frodo and Sam were total bum-boys.
Hah hah, I saw it ages ago and it still makes me laugh.
The will to neither strive nor cry,
The power to feel with others give.
Calm, calm me more; nor let me die
Before I have begun to live.

-Matthew Arnold

Arguments are to be avoided; they are always vulgar and often convincing.