http://kotaku.com/fan-cuts-the-hobbit-into-a-single-4-hour-movie-1680489729
I'm not sure whether to link to the actual site of the guy who made edit, since it contained torrent link, but not that hard to google. Plus, it's linked on Kotaku.
The first thing I thought after watching The Battle of Five Armies was "boy, that's a movie that didn't need to be made". Now, thanks to the power of fans and the internet, we can pretend around half of Peter Jackson's entire Hobbit trilogy never happened.
A guy by the name of tolkieneditor (via Daily Dot) has sat down with a copy of the book, decent versions of all three Hobbit films (the third has leaked already, because it's Oscars season) and a desire to make some deep and heavy cuts to Jackson's ponderous adaptation
As per tolkieneditor's site, some of the biggest cuts (two of which you can see as vids in this post) include:
The investigation of Dol Guldor has been completely excised
The Tauriel-Legolas-Kili love triangle has also been removed.
The Pale Orc subplot is vastly trimmed down.
Several of the Laketown scenes have been cut, such as Bard's imprisonment and the superfluous orc raid.
The prelude with old Bilbo is gone.
Several of the orc skirmishes have been cut.
Several of the action scenes have been tightened up, such as the barrel-ride, the fight between Smaug and the dwarves (no molten gold in this version), and the Battle of the Five Armies.
A lot of filler scenes have been cut as well.
I'm not sure whether to link to the actual site of the guy who made edit, since it contained torrent link, but not that hard to google. Plus, it's linked on Kotaku.