It has also become a big night for late night talk show host Jimmy Kimmel.
So what can we expect this year?
"I think it's going to be a lot more fun if you don't know who they are beforehand," Kimmel said, "It's like giving away an ending to a movie."
Based on a brief clip Kimmel provided ABC7, viewers can expect to see Sofia Vergara and other female stars in a sketch.
He'll also be visited by two-time Oscar winner Tom Hanks.
"We're very fortunate to get Tom Hanks," Kimmel said.
What was the pitch to get Hanks?
"Please, Tom Hanks, please, please, please, God, please do our show or I'll do something crazy," Kimmel said.
Will Kimmel have a handful of stars, dozens maybe?
"I would say we have about 14 stars, give or take a few stars," he said. "No C-list at all and I won't evaluate each one individually, but we have a pretty good list."
This year's Oscar ceremony is set to air live on ABC7 from the Kodak Theatre in Los Angeles on Feb. 27, 2011. Check out a full list of Oscar nominations.
ABC7 and OnTheRedCarpet.com are your news sources for Oscars coverage. Live coverage from the Oscar red carpet begins at 2 p.m. PT. "On The Red Carpet at the Oscars" broadcasts LIVE on ABC7. We're also streaming the show online and on the free On The Red Carpet iPad app, available now in iTunes.
When the last awards have been given out, watch continuing coverage of the Governor's Ball and all the Oscar night parties as "On The Red Carpet at the Oscars" broadcasts LIVE on on ABC7. We're also streaming the show online and on the iPad app.