I’d vote for trying to read the books first. If you fall in love with the characters in the books, then the movies will be interesting to you. If not, then you have 8 free hours to watch 16 episodes of Spongebob Squarepants.
I agree with the others, that if you haven’t gotten caught up in the story within the first hour of Fellowship, you’re probably not ever going to.
However, if I were you, I would try to set aside enough time to watch the first movie (theatrical edition is just fine) all the way through in one sitting. If you don’t like it, no problem; it just seems unfair to pass judgment on any movie without at least watching the whole thing.
Of course, I’m one of those geeks who’s lost count of how many dozen times I’ve watched Fellowship, so take my advice with a grain of salt if necessary. 
How did you waste eight hours of your life if you were only one hour into the first movie?
I can’t possibly offer any perspective on this because I first read the books when I was in high school, and have owned four sets of the trilogy (including a paperback set that included “The Hobbitt” and my newest acquisition, a hard-bound set with images from the movies.) I love this story, it is part of the foundation of my cultural being. I’m waiting for the LOTR 6-disk gift set with all three movies plus goodies in one package – I will spend at least one nine-hour day every two years watching them back-to-back.
Another option that may make the FOTR movie more palatable would be to download the Rifftrax commentary for the theatrical release of FOTR.
I’ve never read the novels, I tried, but they were too ponderously slow for my tastes, yet I did like the movies, since i was not overtly familiar with the backstory, i saw them as an extremely well crafted medevial fantasy/action film
And the writers cut out 90% of the names that Tolkien uses. If you think the movie names were hard to follow, try the books!
That said, I’m with What Exit? when he says “not a lover of the movies because I did want and unfairly expect every detail to be correct”–I love the books, the movies are OK.
I would have said yes a couple years ago while the movies were still coming out, just to get clued into something that was so massively popular for so long. (Not that that’s a good enough reason by itself, but coupled with a semi-desire to watch them it might be.) Now that the furor has died down, don’t bother if you’re not really interested.
The cave thing was pretty much where I checked out of the first movie, too. After that it got increasingly preposterous and I found myself checking my watch repeatedly. I never bothered with the second and third films and have lived a life without regret (at least as it relates to fantasy flicks) ever since.
First, you should force yourself to read The Silmarillion.
Then, you have simply got to learn one of the Elvish languages, Quenda or Sindarin, or both, or possibly Westron.
Third, read the trilogy, but only in the Klingon translation where it really comes alive.
Fourth, change your name to Amy Player.
Step Five: Speak friend, and enter.
After all this, only then can you be ready to watch the movies, I reccomend the theatrical release only. French soundtrack, but with the Spanish subtitles on (so as not to miss any subtleties).
Ages ago, after I read and like The Hobbit, I picked up Book One of the LOTR and was all excited to read it. I think I got to about page 44 and put it down. A few months later, I tried again, and got to about page 60 and put it down.
Then, about six months later, I picked it up and once I got a little further into the story, well, I couldn’t put the book down, went out and immediately bought Books 2 and 3 and the rest is history - read all three a couple of times. Eagerly looked forward to Jackson’s films, loved them and bought the extended version DVD set and have watched the three films three times since buying the set (I have yet to get around to seeing the other features on the DVD, but waiting for that proverbial rainy day.)
But ya know, sometimes people just don’t like a particular kind of film, so don’t drive yourself nuts over it. Maybe now is not the time, maybe you have to be in the mood, who knows? I think the general agreement is that the three films are excellent - but that doesn’t mean squat if you have a dislike for that kind of film. I can jump and yell and tell people that Casablanca is one of the all-time great films, but I know people who simply hate Black and White films, or dislike Bogart, and all my enthusiasm falls on deaf ears. As they say, “different strokes…”
You’re being unfair - it’s possible to be quite a fan of fantasy films and yet not like the LOTR movies specifically for being overly long and at times stupefyingly dull. Not liking this particular trilogy (or just the first film, in my case and that of the OP) says nothing about liking “that kind of film.”
No, he said he wants to find out if he’ll enjoy it so he won’t waste eight hours.