[Zigurd]

The latter. Had anyone actually written a supposed translation of the "Red Book" I'm pretty sure the Tolkein estate has enough movie money to fund an orc army of lawyers who would march to court thumping their shields, or, rather briefcases with swords, or, rather, umbrellas, chanting "We are the Triple Eagles, sons of BC High!"

[saalweachter]

I suspect that if the book were written as described -- foul-mouthed Galadriel, hobbit sex, diarrhea in Moria -- it would end up a parody.

[fenomas]

That's pretty much what Harvard Lampoon did back in 1969:

http://en.wikipedia.org/wiki/Bored_of_the_Rings