RETURN LAND MANDATED BY A MALFUNCTIONING B767-300 ENG DURING TKOF AT ATL; GA.

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FO WAS TO FLY ATL-BDA LEG. TKOF ROLL WAS NORMAL APCHING V1. WE HEARD A MUFFLED POP SOUND AND FELT A SLIGHT SHUDDER WHICH LED US TO INITIALLY THINK WE HAD BLOWN A TIRE. I KNEW WE WERE PAST MY GO-NO-GO DECISION POINT AND TOLD THE FO THAT WE WERE GOING TO TAKE IT AIRBORNE. I SUBSEQUENTLY NOTICED THE R ENG INDICATORS WERE ABNORMAL. THERE WAS MINIMAL SWERVE ON THE GND AND AT LIFT-OFF. I DECLARED AN EMER APCHING 400 FT AGL. DURING THE CLB IT WAS VERY EVIDENT THAT THE R ENG WAS NOT PRODUCING THRUST AND THAT THE EGT WAS IN EXCEEDANCE. APCHING 1000 FT AGL I ASKED FOR VECTORS BACK FOR A W LNDG. AT LEVELOFF I REMEMBER SEEING THE R EGT WAS STILL HIGH AND I INITIATED THE AFTER TKOF AND ENG FAILURE CHKLISTS. APCH AND LNDG TO RWY 27R; THE LONGEST RWY; WERE UNEVENTFUL. I EXITED THE RWY AND ASKED THE FIRE CREW TO CHK THE R ENG FOR ANY ABNORMALITIES. THE FIRE CHIEF SAID ALL LOOKED NORMAL SO I DECIDED TO TAXI BACK TO THE GATE; WHERE WE WERE MET BY MGMNT AND MAINT PERSONNEL. WE WERE AIRBORNE FOR 11 MINS. I MADE 3 AIRBORNE PA'S TO TRY AND KEEP THE PAX CALM. BY THE COMMENTS MADE DURING DEPLANING THE PAX REALLY APPRECIATED THE PA'S. THE FO DID A GREAT JOB FLYING WHILE I HANDLED THE ADMINISTRATIVE END.