Extended Edition - 2 disc Blu-ray (my personal fave of the trilogy). This is a nice, low price - can try Flubit with the Amazon link to get it even cheaper :) or just grab it from Play.
In this first part of the Trilogy, the young hobbit Frodo Baggins inherits a ring; but this ring is no mere trinket. It is the One Ring, an instrument of absolute power that could allow Sauron, the dark Lord of Mordor, to rule Middle-earth and enslave its peoples. Frodo, together with a Fellowship that includes his loyal hobbit friends, humans, a wizard, a dwarf and an elf, must take the One Ring across Middle-earth to Mount Doom, where it first was forged, and destroy it forever. Such a journey means venturing deep into territory manned by Sauron, where he is amassing his army of Orcs. And it is not only external evils that the Fellowship must combat, but also internal dissension and the corrupting influence of the One Ring itself. The course of future history is entwined with the fate of the Fellowship.
"In every aspect, the extended edition of Peter Jackson's epic fantasy The Lord of the Rings: The Fellowship of the Ring is superior to the theatrical version. No-one who cares at all about the film should ever need to watch the original again. Well, maybe the impatient and the squeamish will still prefer it, because this extended edition makes a long film 30 minutes longer and there's a wee bit more violence. But the changes--sometimes whole scenes, sometimes merely a few seconds--make for a richer film. There's more of the spirit of JRR Tolkien, embodied in more songs and a longer opening focusing on Hobbiton. There's more character development, and more background into what is to come in the two subsequent films, such as Galadriel's gifts to the Fellowship and Aragorn's burden of lineage. Some additions make more sense to the plot while others are merely worth seeing, such as the wood elves leaving Middle-earth or the view of Caras Galadhon (but sorry, there's still no Tom Bombadil). "