[The Saucepan Man]

Arrgghh! This answer occurred to me right at the outset, but I couldn't see how it worked. The cloud has now lifted! [img]smilies/mad.gif[/img] [img]smilies/rolleyes.gif[/img]

Take the Ring! = Thering
You, make the long story short and you'll gain the third place from its rightful owner: Shorten "the" to "th" and add the third letter of "you" = Thuring
And Nienna will water the lowered hill with her tears. = Shorten "hill" to "hil" and water it = wethil
Could it be used as a hide? = Thuringwethil's skin was used by Luthien to disguise herself.

So the answer is Thuringwethil

Excellent one, Annun. [img]smilies/smile.gif[/img]