(Elrond):
Lord Sauron made a mighty ring
and here it is- beware!

(Gandalf):
It may appear quite harmless,
but it's evil and a snare.

(Elrond):
We've been betrayed by Saruman!
The nine are all abroad!
They rode right up, their horses drowned
Right down there at the ford.

(Gandalf):
And so the question to you all we bring:

(Both):
Tell me, who can take the One Ring?

(Elrond):
No, we can't destroy this.
No, it cannot stay here.
No Gimli, we tried that.
Now you've got a singed beard!

(Gandalf):
It can only go one way
Back into Mount Doom to stay!

(Boromir):
But Sauron's weapon is a gift
We'll use it for ourselves!

(Aaragorn):
The evil would enslave your mind.
You'd do as it compels!

(Boromir):
Hey, Gondor stands against the tide.
Alone, we keep it out!
Out of places such as Rivendell,
So shut your ranger mouth!

(Legolas):
You owe him your allegiance- he's your king!

(Elrond/Gandalf):
Tell me, who will take the One Ring?

(Elrond):
Elves are gonna hook left
Dwarves are gonna jab right
Suddenly my council
Turns into a bar fight!

(Gandalf):
But tiny furry feet our hope can bring!
He doesn't know the way or anything,
But still he's gonna stand up here and sing..

(Frodo):
Elrond, I will take the One Ring!
Sayin', I will take the One Ring!
That's right, I will taaaaaaake... the One Ring!