I'm surprised nobody has mentioned Lawrence of Arabia yet. About 30 minutes were cut out of it over the years in various theatrical re-releases.
In the 1980s Steven Spielberg worked with David Lean to restore the film. Unfortunately, when the lost footage was found, its audio was deteriorated beyond use!
Lean brought the surviving actors back to re-record their lines, and managed to salvage a great deal of the footage this way. Sadly, all the scenes in which some of the actors had died (such as the material with Claude Rains) couldn't be reused.
As a result, about five minutes from the original cut of the film is still missing, and will likely never be reinserted.
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