I would pay good money to watch this. Bugs as Frodo. Porky as Sam. Daffy as Gollum. Marvin the Martian as Sauron. Foghorn Leghorn as Gandalf; Barnyard Dawg as Saruman. Elmer Fudd as Aragorn. Yakko and Wakko as Merry and Pippin. Hello Nurse as Eowyn.
As Daffy plummets he mutters "it's mine. all mine." The lava subsumes him, leaving the ring floating on the lava. As the metal melts and becomes hot lava, the screen image tears and Porky pops up, waving bye. "th th th That's all folks!" Fade to black. There are no credits.
I feel like canonically the volcano can destroy the one ring but Daffy Duck has survived total body disintegratation without issue so would burst out burnt to a crisp and screaming with his tail feathers on fire.
When Bugs runs into the Nazgul, he goes into Nazgul drag and seduces the Witch King. He steps around the corner, drops a handkerchief, and calls out yoohoo at the Nazgul, who all start drooling and tumbling over themselves to pick up the handkerchief. Bugs walks passed them, giving each one a little attention and in the process ties their shoes together. After making it around all of them, he drops the handkerchief again and all the Nazgul fight over it, while Bugs zips off the tower leaving his drag clothes behind. One of the Nazgul realizes they were tricked and they all trip over their shoes tied together.
All of this starts with a slow pan across Hobbiton's doors, ending at Bugs with a rabbit-hole and a chaise-longue. Some wizard stands in his sunlight, asking where he can find Bag End, and Bugs hassles him so hard he gets stuck hosting thirteen Elmers Fudd.