Up in the air on this one.
For a starting flash it wasn't too bad. You had audio problems like you said, and it really hindered the presentation. If your new to flash your animations and art isn't too bad, but a little sparse. There just wasn't enough context, and what little there was was hard to hear.
I would say it is average, but a good stepping stone on the way to being a better flash animator. I would also work on the voice acting you did, it sounded flat and monotone. Perhaps a team up with someone you know in the future?
The jokes... I got a chuckled because I am a long time fan of Lord of the Rings in both book and video format. I'm not quite sure if someone else could get some of the already lack luster jokes though.
Also I know you were trying to emphasis the walking scenes being long and slow, but perhaps you should have had some more, and then some even more epic music just blaring away (another problem of the movies was how loud the music was even for minor scenes :P ), and then a total music cut and have Frodo and Sam be like "We are still walking!? It's been like 3 movies!" or "Or for **** sake! Will someone shut this music up!? Were only walking down the road." something along those lines.
I can't say it was bad, but it wasn't amazing either. So I will go with a 5. I hope to see more flashes from you and see your gradual improvement.