I believe that it would go a little something…like this.

We’s all outs of love…
We’s so lost withouts it…
We knows it was right, believing for so long…

Reaching out to touch it…
We can feel so fine…
Since we…founds…it…
Looking through the eyes of love, we does.

Tomorrow morning, if it wakes up,
And the sun does not appear…
Weeeeeeee…precious, we will be here.

Precious…gots us on our knees…
Precious…we’s begging, precious, please…
Precious…(gollum) won’ts it ease our worried mind…

We just called…to say…we loves it…
We just called…to say…how much we cares…(yes, precious, we does…)
We just called…to say…we loves it…
And we means it from the bottom of our heart.

And of course…

At first we was afraid…we was petrified,
Kept thinking we could never live without precious by our side,
But then we spent so many nights thinking how filthy hobbitses did us wrong,
And we grew strong,
“We’ll take precious back for our own!”

And so it’s back…on Baggins’ hand…
We just walked by and saw him with our precious golden band.
We should have killed him then and there,
Him and the fat hobbit too.
Then we would have the precious,
And nasty hobbitses would be through!

Oh, now, we…we will survive…
Oh, as long as we knows where it is,
We knows we’ll stay alive!