yeah, but it's hidden.
Put in the first disc, go to scene selection, and go to the last page.
Go down to the Council of Elron scene.
Go down once more. A ring should appear next to the "*New Scene" text at the bottom.
You will now watch the MTV/Jack Black version of the Council of Elron.
The trailer to The Two Towers they added to the end of the film is hidden on the 2nd disc.
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