Hollywood's most important morning is here, with the naming of the 2011 Academy Award nominees. Will Miley Cyrus be recognized for The Last Song, M. Night Shyamalan for The Last Airbender? Read the major category nominations here!

Well, it's that most wonderful time of the year again. No, not Christmas, the war against which we are fully waging. We mean Oscar season! Some early awards have been given out, so it's time to start the prediction game.

California Assemblyman, and former filmmaker, Anthony Portantino has authored legislation that would make crashing high profile Hollywood events a crime, punishable by up to six months in jail and a $1,000 fine. Oh well, LA parties suck anyway. [LAT]

A bunch of nobodies with no taste will be making catty comments about other people's gowns. No, it's not the Academy Awards red carpet, it's Project Runway. Please join us to make some catty comments of our own!

Tonight, Elinor Burkett—aka any combination of "Crazy," "Purple," "Kanye" and "Lady"—appeared on Joy Behar's show to set the record straight about her Oscar speech ambush of Music By Prudence co-producer Roger Ross Williams. Inside, Burkett's best moments.

With 2010's awards season finally over, it was time for the tasteless, talentless* E! Fashion Police critique of the Oscars' sartorial winners and losers. Joan Rivers shined with her characteristically brusque humor and absolute refusal to kiss Hollywood's infinite ass.

Roger Ross Williams, the Taylor Swift to Elinor Burkett's Kanye West, appeared on Larry King Live tonight to give, uninterrupted, the Oscar acceptance speech he wasn't able to during yesterday's big event. And then he was interrupted. Video inside.

Well, folks, there you have it! The 82nd Annual Academy awards are history, and what a night it was. Inside, your Oscars wrap-up: video and pictures of the moments everyone will be talking about tomorrow, and a complete winners list.

BEST PICTURE
The Hurt Locker

Even though the film was not even nominated in the category, Ben Stiller presented the Academy Award for Best Makeup moments ago in full Avatar garb, and secured his place as the requisite king of awards show cameos. Video inside.

We already know it's Hollywood's biggest night. Now, Silicon Valley is having an event of its own. Why? Because Apple just debuted its first iPad commercial during the initial break of the Oscars telecast. Inside, video of the 30-second spot.

Oh, snap! Moments ago on E!'s Live from the Red Carpet, Ryan Seacrest had a painfully awkward exchange with Meryl Streep. Asked by Seacrest what she thought of the Best Actress race, Streep commented, "You were cheerleading [for Sandra Bullock]."

Hello, world. Would you like a gift? Well, good, because Mariah Carey just gave you one with her crazy (in a good way) interview with Ryan Seacrest on E!'s Live from the Red Carpet. Inside, Mimi at her finest.

The Oscars are a lot of things, but seldom are they unpredictable, at least when it comes to the types of films that win big. Here, the phenomenon is explained brilliantly with a literal "trailer" for the Academy's requisite darlings.

"For the first time in 22 years, presenters at the Oscars won't be using the traditional, non-competitive phrase 'and the Oscar goes to...'" Producers have scrapped the "gentler approach" to go with the more direct "and the winner is..." [Wrap]

Internet everythings Gabe Delahaye and Max Silvestri have taken it upon themselves to show this year's Oscar hopefuls how it's done, showcasing their emotional range while name-dropping every film up for consideration. Watch yourself, Clooney.

50 Cent continues to earn the "actor" part of his "rapper-actor" moniker. The Hurt Locker wins a bunch of non-Oscar awards. Shutter Island wins the weekend. Betty White might host SNL. The Roundup cares about hockey. Do you?

It seems Kathryn Bigelow is the odds-on favorite going into the Academy Awards, as The Hurt Locker won six BAFTA trophies tonight, including Best Film and Best Director. Inside, video of Bigelow's acceptance speeches and a full winner's list.

The early gambling line on the Oscars is tracking the irrestiable storyline of dueling exes James Cameron and Kathryn Bigelow. Intrade has Avatar as the favorite for Best Picture, followed closely by The Hurt Locker, with no one else mattering.

• The job cuts at Condé Nast continue. (Apparently laying off everyone at once would have just been too easy.) Yesterday it lowered the boom at Vanity Fair and GQ, although VF editor Graydon Carter managed to shield his eyes from carnage since he'd jetted off on vacation earlier that morning. [NYP, WWD]
• News Corp. appears to be the front-runner to buy the Travel Channel. [NYT]
• NBC has picked up Community, Parks and Recreation, and Mercy for the full season. It's also signed Adam Carolla and Don Cheadle to each do a show.
• Last night's premiere of The Jeff Dunham Show set a new record for Comedy Central, which, if you've seen Dunham, is a sad statement indeed. [Wrap]
• Silliest rumor of the day: Politico reported this morning that friends were urging Fox News chief Roger Ailes to run for president in 2012. But that's not going to happen, of course, so a few hours later Politico posted Ailes' denial.
• The first official portrait of the Obamas was taken by Annie Leibovitz. [VF]
• A few early predictions for Best Picture, if you're interested. [LAT]