Short answers, pulled from the story.
Frodo Baggins is a hobbit of the Shire and one of the protagonists of The Lord of the Rings. He inherits the One Ring from his cousin Bilbo Baggins and undertakes the quest to destroy it in the fires of Mount Doom in Mordor.
Frodo's name derives from the Old English Fróda, connected to fród, meaning "wise by experience". Tolkien stated that Frodo's name in the fictional Westron language was Maura Labingi, where maur- meant "wise", the hobbitish equivalent of the Germanic fród-.
Frodo inherited the ring from Bilbo Baggins when Bilbo left the Shire. Gandalf later revealed it was the One Ring of the Dark Lord Sauron. Frodo kept it hidden for 17 years before learning its true nature and volunteering to carry it to Mount Doom at the Council of Elrond.
At the Cracks of Doom, Frodo lost the will to destroy the Ring and instead claimed it for himself. Tolkien scholar Thomas P. Hillman states that no mortal could have resisted the Ring's power indefinitely. It was Gollum who resolved the crisis by biting off Frodo's finger, reclaiming the Ring, and accidentally falling into the fire with it.
Frodo Baggins was played by the American actor Elijah Wood in Peter Jackson's Lord of the Rings trilogy from 2001-2003. Wood also reprised the role in a brief appearance in The Hobbit: An Unexpected Journey.
Frodo returned to the Shire but was unable to settle back into ordinary life. Both medical and Tolkien scholars have suggested he suffered from post-traumatic stress disorder, experiencing chronic pain from the Weathertop wound and vivid flashbacks. Two years after the Ring's destruction, he and Bilbo were granted passage to Valinor as Ring-bearers.