A sampling of characters and their Tolkien cognates:

Dildo Bugger for Bilbo Baggins
Frito Bugger for Frodo Baggins
Spam for Sam Gamgee
Sorehed for Sauron
Stomper for Strider
Goodgulf for Gandalf
Legolam for Legolas
Schlob for Shelob

For a silly, and intentionally tasteless lampoon of Lord of the Rings, Bored of the Rings was very well done; it was delightfully silly and its tasteless intent was blatant, humorous in itself. It adheres to the style of its Mad Magazine-ish subgenre as brilliantly as the film American Pie in the subgenre of Porky's-esque coming-of-age comedy.