How do you film the hobbit?

Probably, New Line Cinema is working on putting the movie together.

Yes, there is a Hobbit film out. It is quite good actually...

The film adaptation of The Hobbit hasn't come out yet, but Fellowship of the Ring comes after it in the timeline.

there was already a film derived from the book of the hobbit but it is an animation only.

Though the date is subject to change, The Hobbit is scheduled for a December 2011 release.