We just got this over the phone from a friend, and I had to pass it on. It's an Easter egg on the Fellowship Extended Ed. DVD, and it's hysterical. :D
Put in the first movie disk. Go to scene selection, to where it shows scenes 25-27. I think that's the end. Down at the bottom there's a highlighted gold ring. Select it. You get PJ up for a few seconds saying "Hey, you found the Easter egg, the MTV people did this for us." What they did is a rework of the Council of Elrond which is bloody hilarious. Get it. Watch it. Now.
Angie, still giggling