Hobbit and dwarves take off to the Lonely Mountain to slay a dragon and recover the treasure of their ancestors. Trolls try to eat them but get turned to stone by the sun. They stop in Rivendell, where they get some bad directions. On the way of the bad directions they get waylaid by goblins. Gandalf gets them a chance to run for it. The Hobbit finds a ring that makes him invisible, but loses the dwarves. A nasty slimy old mean creature named Gollum figures on eating hobbit, but doesn't know the hobbit has the creature's ring. The hobbit and creature agree on a riddle game; if the hobbit wins, Gollum shows Bilbo, the hobbit, the way out. If Gollum wins, Bilbo is lunch. Bilbo wins by finally asking an uncouth riddle, (actually it was a question to himself said out loud) "What have I got in my pocket?" Gollum complained, however he said give me 3 chances, which gave him the onus for the bad question/riddle. He couldn't answer (giving actually 4 answers in the end) and lost. Gollum decided to eat Bilbo anyway and went to get his ring. Bilbo heard Gollum screech and tirade from his little island (this is all taking place in nasty goblin caves, deep in the mountains) and figured out that Gollum's ring was what he found. Gollum gave chase, Bilbo tripped and, through some trick of the ring, disappeared as it slipped on his finger. Gollum passed Bilbo by in the dark, and headed for the exit, thinking the hobbit had lied about not knowing where it was. Bilbo liked this invisible thing, and eventually jumped past Gollum, heading out the exit from the mountain, losing buttons and dodging goblins along the way. In the mean time, the dwarves and the wizard Gandalf got out that same way. Bilbo found them. They took off, as it was getting dark. They got to the edge of a pine forest and found that they happened to walk right into a regular meeting place of the Wargs. So they climbed trees. Gandalf set a few Wargs on fire. The goblins finally came out, at night (they don't like the sunlight). Saw what was happening,and set fire to the trees. Eagles saw the commotion, came and rescued the party of 15 (13 dwarves, Bilbo the hobbit, and Gandalf). The eagles took them to Carrock. Gandalf led them to meet Beorn who gave them provisions and ponies to get to the elf trail in northern Mirkwood. This was apparently the safest bet to get through the giant dark forest. Gandalf took off for his own business. The dwarves met a couple problems on the way through, including water that infected Bombur, a dwarf, with a sleeping sickness, so they had to carry him. They tried to barge in on Elven dinners, but the elves were too quick for them. The dwarves eventually lost all direction and headed off, getting lost from each other, (so it seemed to Bilbo). The dwarves were actually getting tied up by giant spiders. Biblo rescued them, using the ring and an ancient blade from the forges of Gondolin, which he named Sting. They realized that their leader, Thorin, son of Thrain, King Under the Mountain was missing. Elves found them, took them captive, except invisiBilbo. Bilbo wandered around the elf cave kingdom, finding Thorin. He got them out again, via the Forest River. They made it to the town of Dale on the water of the Long Lake, south of the mountain. The party of 14 (now) go to mountain, wake dragon. Dragon goes to town and a man, Bard, kills dragon; dwarves take over mountain. elves, men dwarves look like they are going to have a fight about the treasure, but goblins and wargs are on their way. Dwarves (an army of them came from the north), elves, men and (before the grim end) eagles kick orc and warg butt. The dwarves settle with the elves and men, wealth and beuaty is restored Bard becomes Lord of Esgaroth, the city at the foot of the mountain that had been destroyed ages ago. Bilbo goes home with a couple small chests of loot for his trouble; oh..... and the Ring, of course.