It had to happen some time didn't it? Yes, I have seen the Bakshi version of Lord of the Rings.
It is absolutely hilarious.
However, there are some things you should be warned of before watching:
1. Sam has a potato for a nose. 2. The ringwraiths wear teapots on their heads. 3. Both Boromir and Sauron are vikings. 4. There is much gratuitous hobbit-hugging and a few *meaningful* looks. 5. Battle tactics? What do you mean battle tactics? If you're watching to see the brilliant tactics Tolkien wrote out in his books, you're looking in the wrong place. 6. One must know the story before seeing the film. 7. One must also have a sense of humour. 8. All magic is a flashy light show. 9. Be ready for the characters to make some rather interesting facial expressions. 10. (and I'll stop here because I think 10 is enough) The balrog is... is... beyond words. It can also fly.
Silver flow the streams from Celos to Erui, In the green fields of Lebennin! Tall grows the grass there. In the wind from the Sea The white lilies sway, And the golden bells are shaken of mallos and alfirin In the green fields of Lebennin, In the wind from the Sea!