Charlie Sheen Bestows Instant Cult Classic Movie Award On 'Project X'

'Finally a movie that captures what's going on in my head 24 hours a day,' Sheen says of found-footage rager.

UNIVERSAL CITY, California — "I'm right here, and I know my name." With that, notorious bad-boy partier Charlie Sheen announced that he had officially arrived at the 21st annual MTV Movie Awards.

Mr. Sheen was on hand at the biggest night in movies to bestow an honor fitting of the man himself.

"This year, the MTV Movie Awards are honoring the kind of movies you return to again and again, the movies you quote incessantly with your friends, cult classics," Sheen said. "This year's Instant Cult Classic is a party movie, a kind of movie I feel very qualified to speak about."

Naturally, Sheen took the stage at the Gibson Amphitheatre to award Instant Cult Classic to the wildest party movie of the year, the found-footage rager known as "Project X."

"Everybody likes watching party movies like 'The Hangover,' 'Superbad' and 'Old School,' but let's face it, my life has been a party movie," Sheen said. "When I saw this year's Instant Cult Classic 'Project X,' I said, 'Damn, finally a movie that captures what's going on in my head 24 hours a day.' "

Thanks to its new status as an Instant Cult Classic, "Project X" joins the ranks of the likes of "Animal House," "The Hangover" and "Road Trip" and their legacy of booze, girls and unforgettable nights.

The 2012 MTV Movie Awards are officially under way! Stick with MTV News for minute-by-minute coverage, and don't forget to go to to cast your vote for Best Movie!