Cartman, Stan and Kyle are in full Middle Earth regalia and are in search of a quest, when Stan's dad gives them one: bring the copy of "The Lord of the Rings" video they rented over to Butters' house. They embark immediately, and with the children gone, Randy and Sharon prepare to watch a pornographic movie. They put the videotape in, and the soon realize that the pornographic movie they rented is what they gave the children to deliver to Butters' house. The children complete their quest, and Butters' gets to watch the movie on his own. Sharon and Randy drive over to Butters' house to see if they can get the videotape back. They meet the children on the road, and give them a new quest, go back and retrieve the videotape that has the evil power. The boys retrieve "the one tape" and Butters' goes after them. Butters asks if he can join them on their quest and they tell him to join them he must play "Lord of the Rings." He immediately jumps on Kyle's back and starts humping him. They call him a freak and leave Butters at his house, where he laments the loss of his "precious." The boys start to return the videotape, when they encounter sixth graders. The sixth graders take the videotape and are very interested in keeping it, once they see what the contents of the videotape box actually are, "Back Door Sluts 9." The boys get the videotape back and go on the run from the sixth graders. The Marshes arrive at the Stotch's home and confess about the videotape. Then they see what viewing the videotape has done to Butters.
The boys continue to hide from the sixth graders, who attempt to smell them out. They decide they need to go and see the high elf. The parents all get together and Randy reveals to them the title of the missing porno as "Back Door Sluts 9," which the men all immediately recognize. The boys arrive at the high elf's home and it is decided a meeting of the council is called. The sixth graders raise an army to retrieve the videotape. At the council meeting, Token is given the task of viewing the videotape; meanwhile the sixth graders and the parents are on the lookout for the boys. After a few minutes of viewing the videotape, Token returns and tells everyone that he's "not playing anymore." The council is in awe of power of this videotape, resulting in their decision that the videotape must be returned to the video store from whence it came. That store is located in Bailey, a town located on the other side of a mountain. Stan volunteers to return the videotape and the high elf appoints others to accompany him, calling them "The Fellowship of the Lord of the Rings."
"The Fellowship" is on their quest as their parents arrive at Token's home, and tell his parents about the videotape. The parents talk to Token about the videotape. Randy Marsh tries to explain the lovemaking on the videotape to Token, who retorts with questions about multiple penises, 5 midgets and Thousand Island dressing. The parents ask them if he knows where the boys went with the videotape. Upon entering Bailey, "The Fellowship" encounters some children playing "Harry Potter." Cartman tells "The Fellowship" that Butters has been following them for about 2 hours. Then they see the sixth graders coming, Jimmy tries to stop them. Cartman suggests that cross the river, since sixth graders don't like water. With that kind of thinking, two members of "The Fellowship" decide to go home. Cartman it turns out is right, as the sixth graders seek an alternate means to cross the river.
All that remains of "The Fellowship" is lost after crossing the river, Butters reveals himself and tells them he knows where the video store is located. He just wants to be able to see his "precious." The parents encounter Jimmy and find out the boys are going to video store. "The Fellowship" reaches the video store, as do the sixth graders who are descending on them. The video store is closed, but there is a drop box. Before they can put the videotape inside, Butters grabs the videotape. Kyle manages to catch him, and when Butters won't give up the videotape, Kyle throws him and the videotape into the drop box. The sixth graders are ready to beat them up when their parent arrive. The parents try to put the videotape, which "The Fellowship" has never seen, into context for the boys. This only serves to confuse them. As they get ready to leave, Butters' parents wonder where he's gotten to. Cut to inside the videotape drop box, where Butters is enjoying the company of his "precious."