Hmm...I have many favourite moments in the book. Like when Frodo decides to leave the fellowship and go on the quest alone, and Sam suddenly guesses his mind and follows him.
Or when Gimli,Legolas and Strider follow the orcs to recover Mary and Pippin and meet Eomer and his men.
When Eowyn kills the chief of Dark riders or ringwraiths. Eowyn and Sam are my favourite characters:) Heck, there are times when I even feel pity for Smeagol, he is very entertaining at times.
Oh and I like that part where Gandalf saves them all in the mines of Moria, although he falls himself.
And in the beginning when the go to Butterbur's inn, there are some very hilarious points there. I love every bit of the book, and am absolutely crazy about it. Ditto for my brothers. Discussing Lord of The Rings is our favourite pastime. Apart from watching/reading Pride and Prejudice.