LIVE FROM THE RED CARPET! - it's the academy awards!

the big day is finally here...the dresses are on, make-up and hair all did, and finally the celebs are walking the red carpet (in a mall, remember!) we are tuned into e where ryan seacrest owns the red carpet. we will be providing our opinions throughout the red carpet and show itself, so stay tuned!

7:23pm:
a recap of our thoughts so far: can we become best friends with mila kunis?? loveee everything about her. i am striving to look just like helen mirren when i am her age. scarlett johansson should go home, and hailee steinfield looks so poised and is dressed so appropriately and cute for a 14 year old!

7:42pm:
glad to see the trump has arrived...i wonder if he is going to announce his intentions to run for president in 2012. also robert downing jr...how do you get cuter at every awards show??

7:45pm:
um, can you say hot post-baby body?! celine dion and penelope cruz are rocking skin tight dresses and looking great doing so.

7:49pm:
anne hathaway = smokin' hot.

7:57pm:
i'm glad natalie portman saved the best pregnancy dress for the last rewards show. she makes the best dressed list for me.

8:01pm:
just switched over to abc for the last 30 minutes of the red carpet...jess is bummed to leave ryan and guiliana, i got pumped to see tim gunn - he can make it work.

8:38pm:
anne hathaway = super nervous!

8:43pm:
crossing our fingers that james and anne fall in love after being this year's hosts.

8:45pm:
...or that they at least hook up ;)

see the rest of our updates after the jump!

9:01pm:
melissa leo's acceptance speech was the most painful three and a half minutes of my life. her feigned shock was just frustrating. on a lighter note, another couple we'd like to see hook up - justin timberlake and mila kunis.

9:04pm:
after expressing our curiosity over the category "best short film (animated)", we have to wonder when there will be a category for "best youtube video"

9:28pm:
james franco in drag and getting picked up by charlie sheen - just one more accomplishment of one awesome year.

9:50pm:
is it just us, or do these oscars need a little pick me up? we're getting a little sleepy, and think that they better throw in some excitement pretty soon - this is the time when people are starting to consider going to bed, so give them a reason to wake up and stay tuned! what would wake us up? a musical performance, more james & anne screen time...

10:12pm:
i just vowed to watch more short films...because jake gyllenhaal told me to

10:16pm:
"best short film (live action)" winner luke matheny (god of love) just thanked the great state of delaware!! i didn't know this before the show, but he grew up in wilmington, delaware - just like alanna and i did!! small world - or small wonder :)

10:21pm:
did you know that zachary levi could be a super spy and sing?? talk about being multi-talented.

10:41pm:
anne's red dress is my favorite of her dresses for the night

10:47pm:
sooooo happy randy newman won!

11:08pm:
eli wallach just might be the cutest old man right after my grandfather.

11:25pm:
well it looks like tom hanks is still the guy to most recently win the "best actor" oscar in back to back years (1994 - philadelphia; 1995 - forrest gump). colin firth takes the award this year. if jeff bridges had won, it would have been the second consecutive year (he won last year for crazy heart).

11:41pm:
well ladies and gents, this year's awards season has now come to an end. it's been a fun year, filled with an amazing selection of films. i can't wait to finally watch them all! ...and remember that dreams really can come true. goodnight!