It was only a matter of time before Tolkein's Middle Earth manifested itself online. After all, MMORPGS thrive in worlds of elves, dwarves and orcs, and Middle Earth could well prove itself a textbook example of the genre. In true RPG fashion, you can select a character from a wide variety of species/races, build and develop your own hovels and interact with a huge assortment of other characters. You'll meet interesting folk, and then kill them with a big hammer.
Given the huge fan base for the land of hobbits, this could shape up to be something quite special. Under development by Turbine (Asheron's Call) it's set for a release towards the end of 2004. A fair way off then, but plenty of time for the dark forces of Mordor to assemble en-masse.