The film centered around Boston native Will Hunting, portrayed by Damon, who is a 20-year-old genius forced to study math and labor to get by and avoid jail time. Hunting sees a therapist, portrayed by Robin Williams, and re-evaluates the key relationships in his life with his best friend who is portrayed by Affleck, and his girlfriend who is portrayed by Minnie Driver.
During their enthusiastic acceptance speech, the pair were modest about their win.
"I just said to Matt, 'losing would suck, and winning would be really scary - and it's really, really scary,'" Affleck joked during the speech. "We're just really two young guys who were fortunate enough to be involved with a lot of great people."
The pair went on to thank the other actors in the film, their parents and many others...in a very eager manner (Watch above). At one point in the video, the acting duo are yelling and using large hand gestures to express their excitement over their first Oscar win.
Damon also earned an Oscar nod for his acting in the 1997 film, and went on to earn an Oscar nomination for his acting in the 2009 film "Invictus." While Affleck has not been nominated since, he has appeared in films such as "Daredevil," "Pearl Harbor" and "The Town," the latter of which he wrote, starred in and directed.
Leading up to the ceremony, "On The Red Carpet" co-host Rachel Smith will be doing interviews with hair and fashion stylists and makeup artists for the "Best Dressed" video series featured on Oscar.com, beginning on February 11. Smith will also be covering live events and offering post-show analysis of Oscar night fashions for the site.
It was announced in November, that Crystal would return to host the 84th annual Academy Awards.
The awards ceremony will air live on Sunday, February 26, 2012 on ABC7. Coverage begins at noon PT.
OnTheRedCarpet.com will have complete coverage of the Oscar season, including an exclusive interactive live stream show LIVE from the red carpet. Follow @OnTheRedCarpet on Twitter and "Like" On The Red Carpet on Facebook, and download our FREE entertainment news app for the iPhone and iPad.