This ring was Sauron's bling until it was taken by a hobo. Sauron waged the War of the Ring just to get it back, but everyone thought he was tryign to take over so they fought back, and the conflict escalated until the ring was destroyed by Frodo in Mount Doom, thanks to the Fellowship of the Ring.
The Ring, like all dark artifacts, corrupts the minds of even the strongest people - it makes people obsessed with it. The hobo had it for five hundred years and wouldn't stop going on about it - he even threw himself into Mount Doom just to be near it.
Thats what having '$WAG' does to you.