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We are just hours away from the 83rd annual Academy Awards — THE biggest awards show of the year — and the last minute touches are being handled right now as the clock ticks down to show time. This year, the Oscars are really hoping to attract a much younger audience as opposed to merely the traditional, older set. This became very obvious when they decided to get Anne Hathaway and James Franco to host. This year’s show promises lots of fun new stuff … but will it work? I guess we’ll find out soon enough.

After getting to see two semi-cute promo videos which feature co-hosts Anne Hathaway and James Franco (HERE and HERE) for the upcoming 83rd annual Academy Awards, today we get to see a third promo video. This one clocks in at 2 minutes and features quite a bit of back and forth banter that shows that the pair might actually be well-suited to co-host the Oscars together.

All of the nominees of this year’s Academy Awards met for the annual Oscar Luncheon this week so that they could meet one another, give a few interviews and pose for one, massive group photo. The Academy posted the Oscar Nominees Class Photo on their official Twitter profile and altho it took me a couple of passes, I finally found my favorite Oscar nominee — Trent Reznor — in the sea of nominees (on the far right, Atticus Ross is two people behind him).

Last week we got our first look at the first promo video released by The 83rd Annual Academy Awards which features co-hosts Anne Hathaway and James Franco. Today we get to feast our eyes on the second promo video released of the Oscar hosts offering their personal invitation to YOU to watch the show.

In late November we learned that actors Anne Hathaway and James Franco had been hired to host the upcoming 83rd annual Academy Awards and today we get our first look at the first promo images of the two as hosts. These images come hot on the heels of today’s Oscar nominations which were announced early this morning here in Hollywood. From here on out, it’s full steam ahead to Oscar Night!

Earlier this morning the nominations for the 83rd annual Academy Awards — which honors achievement in film making, considered THE most prestigious award in Hollywood — were announced LIVE from Hollywood, CA and now we know which films will be vying for film-making’s highest honor. The King’s Speech did very well, pulling in 12 nominations while True Grit pulled in an impressive 10 noms. Toy Story 3, one of the most beloved films of the year, managed to secure a nomination for Best Animated Film as well as a nom for Best Picture … becoming the second film after Up to ever get nominations in both categories. While many of the usual suspects this awards season got noms, there were a few snubs … including NO nominations for Christopher Nolan for his work directing Inception.

The nominations for the 2011 Academy Awards will be announced LIVE in Hollywood, CA at 8AM ET/ 5AM PT on Tuesday January 25 and YOU will be able to watch the nomination announcements as they are made right here on the blog. The Academy of Motion Picture Arts & Sciences have made available a live video stream embed of the Academy Award nominations announcement so that WE can all watch together LIVE.

Stop the presses, y’all. Actors Anne Hathaway and James Franco have just been signed to host the 83rd annual Academy Awards show on February 27, 2011. It was rumored that the pair were being courted for the gig and they must’ve both said yes as quickly as they could cuz now it’s official … Anne and James will be hosting the Oscars!

James Franco and Anne Hathaway have been tabbed to co-host the Feb. 27 Academy Awards. Both have films currently in release: Franco stars in “127 Hours” and Hathaway co-stars with Jake Gyllenhaal in “Love and Other Drugs.” Neither have hosted before, but Hathaway participated in a song-and-dance routine when Hugh Jackman hosted in 2009. Move comes a year after the Academy of Motion Picture Arts & Sciences had Steve Martin and Alec Baldwin front the show. The Oscars will be telecast by ABC from the Kodak Theatre in Hollywood.

While this will not be the first time that actors have co-hosted the Oscars I believe this is the first time such young actors have been tapped for the job. I LOVED Anne‘s song-and-dance bit with host Hugh Jackman during the 2009 Oscars (so much so that I would LOVE to have Hugh Jackman host the Oscars every year) so I think she will make a great host. Paired with Franco, well, it’ll be very interesting to see how it all plays out. The Academy Awards play much better to the older Hollywood set so I’m curious to see if the young duo will cater to the older, traditional Oscar watcher or if they’ll youngen up the awards show. I would’ve never guessed that either of these two would ever get to host the Academy Awards … let’s just hope they don’t eff it all up.

So … what do y’all think?

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Earlier today we learned that director Kathryn Bigelow made Oscar history last night at the 82nd Annual Academy Awards where she took home the trophies for Best Director (the first woman to do so) and Best Picture (the biggest award of the awards). But, there were other folks at the Oscars last night … some of them won Oscars of the their own, many of them didn’t … but that’s the name of the game. Here are a few photos from the red carpet arrivals:

As you can see, Gabourey Sidibe wore a lovely blue dress … in fact, all of the women from Precious who appeared at the Academy Awards last night wore blue dresses because it was the color that actress Hattie McDaniel (the first African-American woman to win an Oscar) wore when she collected her Best Supporting Actress award for Gone with the Wind in 1939. Meryl Streep wore a lovely white dress … which was designed by Project Runway contestant Chris March (who is usually known for his outlandish costume designs — usually worn by drag queens — rather than his stylish fashion designs). The red carpet, as usual, had its hits and misses but the folks presented here looked mighty fine, I thought.

After the jump, check out a few photos of some of the happy Oscar winners in the Academy Awards press room last night (posing with their trophies), read a run-down of all the highlights from last night’s show and find out what I thought of the 82nd Academy Awards telecast …