How to: Plan a fab Oscar party

As any Oscar fan knows, it’s not the actual awards that make the Academy Awards a must-watch spectacle. From the red carpet walk of fame to the celebratory after-parties, the pre- and post-Oscar festivities are to gossip sites, celeb magazines and style hounds what honey is to bees. Want to catch the buzz?

Get in on the action with your own Oscar party this Sunday, March 7th, 2010. Gather some friends for an over-the-top Oscar extravaganza that will be the envy of the water cooler crowd the morning after. Here’s how to have a blast (and cut some corners and cash along the way).

1 PRE-PLANNING
• Guest list Like the Super Bowl, this is a glued-to-the-couch proposition, so keep it small enough that there’s seating for all. Plump up the sofa and be sure to have lots of floor cushions.

• Invitations Use evite.com or socializr.com to spread the word (and save the paper) and track RSVPs.

• Dress code "Couch-potato luxe: your finest yoga gear or jeans, with dressy touches like jewelry plus full hair and makeup."

• Scorecards Print off Oscar scorecards with this year’s nominees and have guests mark their pre-show predictions. Track results along the way and the guest with the most astute Oscar nose wins. (Prizes could be a betting pool, Blockbuster gift card, or just bragging rights.)

Keep reading for menu and decorating ideas!