This entry will be updated throughout the night, with the newest entries at the top of the post. Refresh your browser to see the updates. In case you haven’t seen our Oscar predictions, they are here. By the way, these time stamps (all EST) are really useful if you recorded the Oscars on your DVR or TiVo.

UPDATE: Check out our Oscars wrap up, complete with the essential videos from YouTube.

12:12am: Jack and Diane (Keaton) present Best Picture. Finally. The Oscar goes to… The Departed! Yay! Nice shot of Marty watching from the wings. Good speech from Graham King. I’m all Oscar-ed out now.

12:07am: The three amigos, Coppola, Lucas, and Spielberg, are up to present Best Director. Please let Marty win. Please. He won! This is going to be one hell of a speech and one hell of a standing ovation. They better not start playing music, even if he goes on for five minutes. Good speech, Marty.

12:01am: Reese Witherspoon is hot again. Divorce agrees with her. Best Actor goes to Forest Whitaker. I was rooting for an upset just so that something interesting would happen. Whitaker thanks the people of Uganda and his ancestors.

11:52pm: Philip Seymour Hoffman is going for the Nick Nolte look. Wtf is up with his hair? He has dreadlocks! Best Actress time, finally. Helen Mirren wins, and we are all shocked.

11:45pm: Jodie Foster introduces the memorial montage. Will Anna Nicole Smith be included? Nope. The memorial fittingly ends with a tribute to Robert Altman. Is this the longest Oscars ever? Or is it just especially boring? Where is Roberto Benigni when we need him?

11:41pm: After yet another montage (it’s 11:40 already!) Kate Winslet is presenting for Editing. This award could decide many pools. The Oscar goes to The Departed. I think this is going to foreshadow Best Picture. Marty is crying at his editor’s speech. Aww.

11:30pm: Queen Latifah and John Travolta present Best Original Song. Latifah presented this award last year and sang, “It’s Hard Out Here For a Pimp…” when she presented the award. Melissa Etheridge pulls off the huge upset for An Inconvenient Truth! Best speech so far. She is truly touched and humble, and she is seriously thanking Al Gore. Dreamgirls is really getting the bitchslap, except in the one category that I was hoping for an upset.

11:23pm: Dreamgirls song montage. Beyonce gets my vote for Best Actress when she looks at J. Hud and says “you’re the best…” Beyonce is singing her heart out, and nearly busts out of her dress.

11:12pm: Kirsten Dunst and Tobey Maguire present Original Screenplay. They really don’t look happy to be on the stage together. The Oscar goes to Little Miss Sunshine! Yay! For a second there, I was starting to worry that LMS would be shut out. [Ed: Duh, Alan Arkin won already.] Writer Michael Arndt gives one of the better speeches so far.

11:09pm: Hugh Jackman and Penelope Cruz present Best Original Score. I picked The Queen, but I’m wishing I’d picked Babel. The Oscar goes to Babel.

11:02pm: Ennio Morricone accepts his Lifetime Achievement Award, and only the people in Italy understand him. Clint Eastwood is acting as his interpreter. I know Clint can do anything, but interpret Italian? Who knew?

10:47pm: Documentary Feature time. If Al Gore loses, Tipper better keep him away from sharp objects. The Oscar goes to…An Inconvenient Truth! Al Gore, Oscar winner. Screw the White House. Dubya is totally jealous right now. Two points for global warming movies. Al uses his speech to motivate people to actually do something about global warming. Good speech.

10:43pm: Documentary short goes to The Blood of the Yingzhou District.

10:35pm: Best Supporting Actress time. Come on, everybody except Jennifer Hudson! Clooney is looking especially yummy. And the Oscar goes to…. Jennifer Hudson. Crap. Girl, you have officially peaked. Good thing you took off that hideous jacket.

10:31pm: Two of my favorite actors, Clive Owen and Cate Blanchett, are up to present Best Foreign Film. The award goes to The Lives of Others, in an upset. So much for the Pan’s Labyrinth sweep.

10:21pm: Pirates wins for Visual Effects, beating two huge flops, Superman Returns and Poseidon.

10:14pm: Cinematography goes to Pan’s Labyrinth. Darn, looks like Children of Men will go home empty-handed, but Pan’s Labyrinth is indeed on its way to a sweep.

10:08pm: Tom Cruise awards Sherry Lansing an honorary Oscar for humanitarian work. As the former head of Paramount, she is one of the few women who has had real power in Hollywood. Tal asks a good question: has the Academy ever given this award to a studio executive?

10:03pm: Love Emily Blunt’s dress. Emily Blunt and Anne Hathaway are recreating their roles from The Devil Wears Prada, and Meryl is playing along. Costume Design goes to Marie Antoinette. Why is the woman who won wearing a hideous tuxedo? Shouldn’t she, by definition, have the most fabulous outfit?

9:49pm: Best Adapted Screenplay time. I wish Sacha Baron Cohen would win, just for the speech. But it won’t happen. The Oscar goes to The Departed. Could this be the first of many awards for The Departed?

9:43pm: Cameron Diaz is presenting for Best Animated Feature. Our group is split on how well her overall look is working. Consensus is that she’s a little too orange. The award goes to Happy Feet. Has Pixar ever not won this award? One point for global warming movies.

9:36pm: Omg, Al Gore and Leo DiCaprio are so boring. But wait, what is Al Gore announcing? And then the music starts. That’s hilarious!

9:21pm: The first high profile award is up. Best Supporting Actor goes to Alan Arkin!!! WOO HOO!!! Upset alert!! I CALLED IT! Eddie Murphy’s non-win means Dreamgirls has no steam and Jennifer Hudson could very well be upset. (Fingers crossed!)

9:18pm: Please let Kevin O’Connell of Apocalypto win for Sound Mixing. He’s been nominated 18 times, for crying out loud. The award goes to Dreamgirls. Kevin O’Connell is the Susan Lucci of the Oscars. Poor guy. Is it because people won’t vote for anything that Mel Gibson is involved with?

9:14pm: Our entire group picks Letters From Iwo Jima for Sound Editing. The award goes to Letters From Iwo Jima. Yay! The Marine Corps gets a shout out, which has to make my dad happy.

9:05pm: Is Jack playing a cancer patient? Is that why he’s bald? (Update: Yes, he is. Check the last item on R&M.)

9:04pm: Live Action Short goes to West Bank Story. David Edelstein, you’re my hero. Ooh, the West Bank Story director is gorgeous.

9:01pm: Abigail Breslin and Jaden Smith are too cute. Best Animated Short goes to The Danish Poet. Thank you David Edelstein for the hot tip.

8:57pm: Jack Black, Will Ferrell and John C. Reilly = best Oscar skit ever. Make-up Oscar goes to Pan’s Labyrinth.

8:50pm: Don LaFontaine appears and we all shout, “It’s the movie trailer announcer guy! From the Geico commercials!”

8:45pm: Art Direction: My money’s on Pan’s Labyrinth. Woo hoo! The Art Director woman is scary skinny and needs cheeseburgers. Our little party is forecasting a Pan’s sweep in its categories.

8:41pm: Jack is bald. And now he looks kind of creepy. Ellen, you can have a box of chardonnay at my house anytime you want.

8:33pm: The first montage of all the nominees speaking directly to the camera looks very much like the Mac vs. PC commercials. Where is Justin Long?

8:27pm: Andre Leon Talley of Vogue reminds us all why he works at a magazine and not as a television commentator.

7:47pm: Naomi Watts is sporting a bump and is officially pregnant. Congrats, Liev Schrieber. Nicole Kidman–what is up with the ginormous bow around your neck? Even Tal’s reaction is “Why?”

7:32pm: Gwyneth Paltrow has redeemed herself for her black Goth emsemble from a few years ago. Daniel Craig’s date is wearing a gorgeous dress, but she needs to eat many cheeseburgers.

7:24pm: Cate Blanchett hath arrived. She is a fashion goddess and can do no wrong. Oooh, Sacha Baron Cohen. Yum. What is Kirsten Dunst wearing on her top?

7:04pm: We heart Maggie Gyllenhaal. You can never go wrong with old Hollywood glamour. Love Penelope Cruz’s dress, but it is almost identical to the one that Charlize Theron wore the year after she won.

6:58pm: Jennifer Hudson has arrived dressed for her role in the next Star Wars sequel.

6:43pm: All two of TrailerSpy’s writers are in the same room, so we have extra security at the door and another blogger squirreled away for safe keeping.

3:18pm, EST: We’re getting an early jump on this live-blogging thing. Last night, TrailerSpy’s Los Angeles correspondent attended the dress rehearsal at the Oscars. She asked to remain anonymous, so let’s just call her J. Here are J’s notes from the dress rehearsal, but be warned, they CONTAIN SPOILERS.

“Some great stuff…Ellen DeGeneres is going to be hilarious! John C. Reilly, Jack Black and Will Ferrell do a little skit (too funny). Celine Dion is so full of herself it is scary (and if she wears the same dress she wore tonight she needs to hire a new stylist!). Jennifer Hudson and Beyonce and the other girl (forget her name) are AMAZING. Some really cool stages - mostly gold and silver metallic tones - and there are at least 10 different set-ups. They have some GREAT montages (Producer Laura Ziskin LOVES montages). Tonight, sitting in the 3rd row, center stage, in the seat behind where Rachel Weisz and Cameron Diaz will sit, so just a few seats away from Robert Downey Jr., George Lucas, Mark Walhberg, John C.. Reilly, Maggie Gyllenhaal and Peter Sarsgaard will sit tomorrow night, I felt like a star. OH! Not sure if you heard it or not, but ALL of the major awards will be during the last hour. ALL of them. Kinda cool. Great presenters - Al Gore with Leo DiCaprio. John Travolta with Queen Latifah. Jennifer Lopez. Maggie Gyllenhaal. Helen Mirren. Cate Blanchett. George Clooney. Cameron Diaz. Rachel Weisz. Tom Cruise. Clint Eastwood. Abigail Breslin with Jaden Smith. Anyways, from what I saw tonight, I will still watch tomorrow night. Alot of the reason is because if Ellen goes with what she did tonight, I want to hear it again and laugh all over again.”