Smeagol was once a normal hobbit, but whereas Frodo and Bilbo had strong wills and good character, his weak moral compass let the ring destroy him in no time. While Gollum likes to think that he is the victim of backstabbing and trickery, he really is an evil character with no real moral ground to stand on.
Even so, it's always fun to hear a story from the villian's point of view and when it's sung and drawn together like this video, it makes for great entertainment, so sit back, relax and enjoy the story of Gollum.
Via Laughing Squid