There's a Lord of the Rings petition asking for an extensive DVD. I support this, too. And let me add another request:

an option to watch a version as close to the books as possible, which would, among other things, cut out:

all scenes of Saruman creating the Uruk Hai
all lines spoken by Liv Tyler
Boromir finding the ring on the snow
that 'jump across the chasm/falling staircase thing' from Moria
most of the final fighting at Amon Hen, including Aragorn talking to Frodo and letting him go, Aragorn facing the Uruk Hai alone, Lursk (or whatever) shooting Boromir with the bow, and Aragorn killing Lursk

Does that cut out a whole hour? It might get close. At least a half hour.

(Thanks, Cody, for pointing me to the petition.)