I will be watching the red carpet arrivals, of course -- fingers crossed for a lot of Tom Ford gowns. This will be enhanced by the liveblogging of the Fug Girls starting at 5 Eastern time.
The "Academy" should have tapped Ricky Gervais to host the show. He even wrote an intro for it on spec!
Since they didn't, you should watch The Ricky Gervais Show instead. It's on HBO on Demand right now. The whole show is Ricky Gervais and his partner-in-crime Stephen Merchant talking to their radio producer, Karl Pilkington. Karl is a British everyman, almost like Charlie Brown all grown up, and he is unintentionally hilarious (or he is possibly the greatest deadpan act ever -- honestly it doesn't matter). If you don't get HBO, you could buy the podcast that the show was based on at Audible.com.
And for further reading in making fun of famous people, the entire run of Spy magazine is now available via Google Books.
I'll be at home tonight in my feather headdress and sequins. Stop by if you're in the neighborhood!
[I am not getting compensated for any of this BTW.]