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Here we are, the 82nd Annual Academy Awards. For months we've been seeing these movies, hearing buzz about their awards-worthiness, watching as the participating players press palms and tell the world why their efforts deserve to be honored ahead of the rest. And it all comes down to this. Who will go home with Best Picture? Will it be James Cameron's towering juggernaut "Avatar" or Kathryn Bigelow's tense, indie war story "The Hurt Locker"? That's just one of the many tight races this evening, so keep your browser locked here -- and make sure to keep refreshing! -- for continuing live coverage and commentary of the awards show as it unfolds.

12:02am It was almost a good ending. But then we ended on those two jokers. Steve, Alec... I love you guys. But please don't host the Oscars again. Thanks to all of you readers for tuning in! I hope you enjoyed! Stayed tuned to MTV for continuing breakout stories from the awards show!

12:00am A shout-out to Nicolas Chartier who was (many say unfairly) banned from attending the awards show this evening for sending a questionable "Avatar"-bashing e-mail in the days leading up to the ceremony.

11:58pm "Avatar" is edged out. "The Hurt Locker" WINS BEST PICTURE!!! That's six out of nine awards taken for Bigelow's insanely intense war story. You've seen it by now, right?

11:57pm Well said, Kathryn. Not the best speech of the night, but a strong showing for our first female Best Director. And now we have Tom Hanks presenting the Best Picture winner. And yes, he's right: the last time there were 10 Best Picture nominees was 1943.

11:55pm Kathryn Bigelow wins. Congratulations, Kathryn. The director of "Point Break," "Strange Days" and, of course, "The Hurt Locker" is the first woman to ever win the Best Director Oscar. It's about damn time.

11:52pm The guy who kept Barbara Streisand -- Babs!!! -- waiting to walk down the stairs is so fired. Time for Best Director. Kathryn Bigelow is the front-runner and my pick. No classy introductory speeches though. Too bad. These five directors all deserve the same accolades as the Best Actor/Actress nominees.

11:49pm "Did I really earn this or did I just wear y'all down?" Bullock's first words in her acceptance speech. True or not, this is her moment and what a classy move shouting out her fellow nominees with those lovely comments. She also won two Razzie awards today, which is nothing short of brilliant.

11:47pm Here's Sean Penn, last year's Best Actor winner, to present Best Actress. A lot of confused "whaaaa?" comments here in the MTV Newsroom at Sean Penn's intro bump. And the winner is... Sandra Bullock, for "The Blind Side." An expected win. She doesn't look super-thrilled, does she? And she sort of dissed Meryl as she walked down the aisle. Whaaaaaaa?

11:45pm Oprah gave a lovely speech for Gabby, though I wish she'd sung her name in true Oprah fashion.

11:43pm Where do we stand, readers? Is presenting the nominees in this way too talk and long-winded, or is it justly honoring people who deserve to be honored?

11:39pm And now we're back with the Best Actress montage. Presenting our nominees are Michael Sheen, Forest Whitaker, Oprah Winfrey, Stanley Tucci and Peter Sarsgaard. Same format as Best Actor, as expected.

11:35pm I kind of wish Bridges had played ball. This litany of thank yous is not terribly entertaining.

11:33pm "Thank you mom and dad for turning me onto such a groovy profession." Jeff Bridges is the man. As he told us a few months ago, "I dig being dug, man."

11:32pm Kate Winslet, last year's Best Actress, presents the Oscar to... Jeff Bridges, for "Crazy Heart." The Dude finally gets his statue. Eff yeah.

11:30pm Oy, poor Jeremy Renner. The movie they're throwing back to with Colin Farrell is "S.W.A.T." They should've just brought up Anthony Mackie and had him talk about working with Renner on "Locker."

11:29pm Tim Robbins talking about working with Morgan Freeman on "The Shawshank Redemption." And he lightens the mood with a joke. Love it. I like this presenter format; all of these people deserve to be honored with more than just a clip, and this really nails it.

11:25pm Tim Robbins, Colin Farrell, Vera Farmiga, Julianne Moore and Michelle Pfeiffer presenting Best Actor. Looks like each former co-star is presenting the associated nominee. Pretty cool and classy. I definitely prefer this to multiple musical performances. What do you readers think?

11:24pm And we're back from the commercial break with a Best Picture nominee montage!

11:19pm Kathy Bates presenting Best Picture nominee "Avatar." She was in "Titanic." In other news: Roger Ebert just tweeted that the Best Editing winner usually wins Best Picture as well. "The Hurt Locker" won Best Editing. I still think "Avatar" is going to take Best Picture though.

11:17pm And I was wrong. "El Secreto de Sus Ojos" wins, for Argentina. Any of you readers see it?

11:15pm I think it's going to be between "A Prophet" and "The White Ribbon" for Best Foreign Language Feature.

11:14pm And we're back with Pedro Almodovar and Quentin Tarantino, two fantastic, very visually-oriented filmmakers.

11:09pm Keanu Reeves presents Best Picture nominee "The Hurt Locker." He starred in Kathryn Bigelow's "Point Break" with Patrick Swayze WAY back in 1991.

11:07pm Perry presents Best Editing, another "Avatar"/"Hurt Locker" match-up. And "Hurt Locker" takes it. Husband-and-wife duo Bob Murawski and Chris Innis have never been nominated for or won an Oscar, but Murawski did all three "Spider-Man" movies with Sam Raimi and both have worked with Raimi on others, including the amazing (yes, amazing) "Quick and the Dead."

11:06pm Tyler Perry's playing some camera tricks. And our co-hosts are wearing a slanket.

11:04pm "The Cove" wins. Fun fact: Fisher Stevens played Steve Guttenberg's character's pal Ben in "Short Circuit," and he was the star of "Short Circuit 2." He also appeared in season four of "Lost."

11:01pm Here comes Matt Damon, presenting for Best Documentary Feature. I have no read on this category; fell very far behind with my docs last year. I hear "The Cove" is quite good, and a favorite to win.

10:57pm "Up in the Air" actor Jason Bateman presenting Best Picture nom... "Up in the Air"! Poor Jason... he can't go anywhere anymore without someone asking for an "Arrested Development" update. He told MTV's Josh Horowitz during tonight's red carpet live stream that there's nothing new to report yet, but it's still happening. The hope is that shooting will commence before the end of this year.

10:56pm "The world we live in is just as great as the one we made for you." A reference to these "Avatar" fans?

10:54pm Zero mystery in the Outstanding Visual Effects category. Chalk another one off for "Avatar." That's "Hangover" star Bradley Cooper and "The Ugly Truth" star (though I'm sure he'd rather you forget that) Gerard Butler presenting. And yes, "Avatar" wins. Shocker.

10:51pm Whew. I'm glad that's over. Now we find out who wins for Best Original Score. "Hurt Locker" v. "Avatar" again, "Up" is a longshot. Wow, and "Up" wins. I thought for sure it would be Horner for "Avatar." Michael Giacchino also does the hit TV series "Lost" (among MANY other things). He was previously nominated for an Oscar in 2008, for "Ratatouille." And he played ball with his speech: no thank yous. Give that man a sugar cube.

10:45pm Oh, bummer. I thought there was no musical number tonight. There is. And it features interpretive dance. Good choice.

10:43pm Bea Arthur too. Right? Ball = dropped. For shame, Academy. For shame.

10:41pm Wait... did anyone see Farrah Fawcett in that montage?

10:37pm Here we have Demi Moore presenting the obligatory In Memoriam montage (she starred in "Ghost" with Patrick Swayze, one of the bigger losses of 2009). Gonna be a tough one this year. Lots of big losses last year. ...and James Taylor is going to sing along? He's singing "In My Life," in case you were wondering.

10:35pm "The Blind Side" star and Best Picture nom Sandra Bullock presenting Best Cinematography. Another "Avatar"/"Hurt Locker" showdown. "Avatar" takes it. Two for the sci-fi epic, out of nine nominations. Mauro Fiore's first nomination, first win.

10:34pm You forgot to mention her breakout turn in "Speed," Steve.

10:29pm John Travolta presents Best Picture nom "Inglourious Basterds." Probably because Quentin Tarantino gave his career a big kick in the ass with "Pulp Fiction" in 1994.

10:28pm Elizabeth Banks presenting a general overview of the technical awards winners. These are awarded earlier, on February 20. No breaking news here, so we congratulate all the winners at once without actually naming them. Yeah, they're kind of getting the shaft. You can see the winners here.

10:26pm Ottoson is back for "The Hurt Locker." A one-two punch win for Bigelow's movie, three wins overall for the night so far, versus two for "Precious" and one for "Avatar."

10:24pm Best Sound Editing-- "Avatar" vs. "The Hurt Locker." And "The Hurt Locker" takes it. Paul N.J. Ottoson was previously nominated for "Spider-Man 2." He's also up tonight for Best Sound Mixing.

10:23pm Zac Efron and Anna Kendrick presenting Best Sound Editing. And Morgan Freeman's calming voice telling us all about last year's winner, "The Dark Knight." A movie that was unfairly robbed of a Best Picture nomination. Which is a big reason why there are 10 nominees this year, many people believe.

10:21pm All respect to our "Twilight"-loving readers, but vampires do not make "New Moon" a horror movie. Don't you agree?

10:19pm Why are we honoring horror in a year that saw groundbreaking advances in science fiction?

10:18pm OME!!!!!!!!!!!!!!!!!!!!!! IT'S KSTEW AND TAY-TAY!!!!!!!!!!!!!!!!!!!!!!!!!!!

10:17pm Now there's going to be a tribute to horror movies. Preceded by a "Paranormal Activity" skit starring our two co-hosts. This awards show isn't bad, but these hosts, as much as I love them, are a train wreck. Do you agree, readers?

10:12pm Charlize Theron presenting Best Picture nom "Precious." A longshot, but a fine work of filmmaking.

10:10pm Ditzian was right. Drat. "The Young Victoria" wins. Sandy Powell previously won for "The Aviator" and "Shakespeare in Love." She also did the still-in-theaters "Shutter Island," Martin Scorsese's latest.

10:09pm Tom Ford and Sarah Jessica Parker presenting for Best Costume Design. MTV's Eric Ditzian says "The Young Victoria." I say "Nine."

10:08pm Steve Martin just said "whores." This night just got interesting.

10:07pm Rick Carter, Robert Stromberg and Kim Sinclair for "Avatar." First of the night. They're on the road to a sweep! (not going to happen)

10:05pm "Avatar" star Sigourney Weaver presenting Best Art Direction. This will likely be the first win of the night for "Avatar."

10:01pm "A Single Man" star and Best Actor nominee Colin Firth presenting Best Picture contender "An Education," which debuted at Sundance in 2009.

9:59pm "Precious" star Mo'Nique wins for Best Supporting Actress. Like Christoph Waltz, one of the most-deserved wins of the night. No one's cutting off her speech, thank yous or not.

9:55pm "Just one of many balls being held all over Hollywood tonight." Robin Williams, you are the man. And you're presenting the Best Supporting Actress award. Mo'Nique, I hope you're getting ready to give your big speech.

9:52pm Awww... Queen Latifah. She's the best. She recently appeared as one of the many stars in "Valentine's Day."

9:50pm Geoffrey Fletcher for "Precious." This is not a big surprise. The movie certainly was though. Make sure you steel yourself before seeing it; it's a tough watch. This is Fletcher's first screenplay; he's up next for "Attica."

9:47pm Jake Gyllenhaal and Rachel McAdams presenting Best Adapted Screenplay. This could be the big "Up in the Air" win, but I'm thinking it'll go to "Precious."

9:45pm Commercial break! Snap poll, readers. Which was worse: the Martin/Baldwin opening monologue (duologue?) or the Ben Stiller-dressed-as-a-Na'vi nonsense?

9:43pm Jeff Bridges! The Dude! Probably winning a Best Actor Oscar tonight! And now he's going to present Best Picture nominee -- and my favorite of last year -- "A Serious Man," the latest from Joel and Ethan Coen. They'll be doing a remake of "True Grit" next, which hits theaters on December 25 this year.

9:41pm "Star Trek" wins for Best Makeup. Good stuff. "I don't want to step on your tail" she says. Yes you do. Ben Stiller is a tough act to follow, especially when he's acting like a native of Pandora.

9:39pm Unsurprisingly, Ben is presenting for Best Makeup. Here's hoping "Star Trek" gets the win. Because, you know, it was kind of awesome. Stiller will revive "Zoolander" soon, as we learned last week.

9:38pm Ben Stiller appears onstage as a Na'vi. We see you, Ben. Now cut this nonsense out. We definitely HEAR you that this seemed like a better idea in rehearsal. Note that this sketch should have also featured Sacha Baron Cohen, before his idea was nixed by the academy.

9:36pm "Music By Prudence" wins for Best Documentary Short, "The New Tenant" for Best Short Film (Live Action).

9:33pm Jon Alpert and Matt O'Neill are favored to win Best Documentary Short from what I hear. You can find out more about it here.

9:32pm "Logorama," from Nicolas Schmerkin, wins for Best Animated Short. You can watch it and the others here.

9:30pm "You know one of the best things I like about short films? They're short." John Lasseter, Pixar top dog, head of Disney Animation. This man knows what he's talking about. Short films are indeed short.

9:27pm And we're back. Steve and Alec introduce Best Actress nominee Carey Mulligan and "Avatar" star Zoe Saldana. And it looks like they'll be presenting one of the best short categories. First, some talking head action.

9:23pm Was that a quick cut to "Twilight" stars Kristen Stewart and Taylor Lautner? I do believe it was! And now here's Samuel L. Jackson introducing Best Picture nominee "Up," the first Oscar nominee ever to get a nom in both the Best Animated and Best Picture categories.

9:21pm I'll be going to sleep to "Ferris Bueller's Day Off" tonight. Who's with me? "Life moves pretty fast. You don't stop and look around once in awhile, you could miss it." We miss you John. WOW that is an incredible lineup of Hughes players. So we're getting more than a montage. I love this. Highlight of the night so far.

9:17pm Molly Ringwald and Matthew Broderick. It's time for a John Hughes tribute! Matthew Broderick of course starred as Ferris Bueller in "Ferris Bueller's Day Off." Molly Ringwald starred in several of Hughes' movies, including "Sixteen Candles" and "The Breakfast Club." Hughes, of course, passed away over the summer of 2009, one of the many hard losses from last year.

9:16pm Mark Boal, "The Hurt Locker" writer, for Best Original Screenplay. Congratulations Mark. Yours was truly the most intense movie of the year, if not the decade. Seriously-- if you haven't seen "Locker" you are missing out.

9:13pm I'd love to see "A Serious Man," the Coen brothers' latest, win for Best Original Screenplay. I think it's going to be "The Hurt Locker" though. What do y'all think of the reading of stage directions along with each clip for this category. I get the intention, not sure I'm feeling it.

9:11pm Robert Downey Jr. and Tina Fey. And Fey gets credit for "reviving" Alec Baldwin's career. Love it. Fey of course stars with the co-host on "30 Rock." And Robert Downey Jr. stars in everything. Especially "Iron Man" movies. You can catch a new trailer for the sequel tonight on MTV Splash Page.

9:07pm "I love you more than rainbows," Ryan Bingham says. Maybe quote of the night. Maybe.

9:05pm Ladies and gentlemen: "Star Trek" star Chris Pine talking up Neill Blomkamp's Best Picture nominee "District 9." One of my favorite movies of last year and the rare sci-fi Best Picture nom. Blomkamp was originally working with producer Peter Jackson on an adaptation of the video game "Halo."

9:04pm Sorry, that's T-Bone Burnett and Ryan Bingham. Congrats guys. Also breaking the rules. Thanking people. The nerve.

9:01pm Amanda Seyfriend and Miley Cyrus presenting Best Original Song. I still haven't seen "The Princess and the Frog," sadly. It looks great. I'd like to see Dr. John win an Oscar. Dr. John = famous New Orleans piano player. One of the greatest. I think it's a foregone conclusion that T-Bone Burnett will be taking this one though, for his song in "Crazy Heart."

8:59pm "Up" director Pete Docter breaking the rules: saying thank yous instead of telling the audience what the Oscar win means to him. For anyone who doesn't know: nominees were advised to write two speeches this year, one for on stage and one for backstage. Read about it on MTV.

8:58pm And the Best Animated Feature is... "Up." Mark another one down for Pixar, the unrivaled kings of all animation, everywhere. We'll see their next feature this summer, in the long-awaited sequel "Toy Story 3."

8:56pm Was that Jude Law thing a joke? Here are the stars of the animated feature nominees talking up their films. Kinda cool. "The Secret of Kells" came out of nowhere, but the art style is pretty wild.

8:55pm And we're back. With Cameron Diaz, Steve Carell and "Someday My Prince Will Come."

8:53pm Commercial break! We'll be back with a better Oscars show! We hope!

8:50pm Ryan Reynolds, star of "The Green Hornet" showcasing Best Picture nominee "The Blind Side." And here we have another long clip playing. If this is what we get instead of the musical numbers, I approve.

8:49pm "That's an uber-bingo." Fabulous. We're already recovering from the wretched introduction. And Waltz is slyly working in a few thank yous in describing the thrill of earning this Oscar, explaining why he's here. He broke up a little bit at the end, didn't he? Congrats Christoph... one of the most-deserved wins of the night.

8:48pm Christoph Waltz gets his much-deserved Oscar for Hans Landa. Now let's see how the thank you-free speech goes...

8:46pm We're already seeing some of the new format play out: longer clips playing for each nominee. Stanley Tucci did not look happy with the "Lovely Bones" clip they played. I wonder why?

8:44pm Okay, here we go. Penelope Cruz presenting the Best Supporting Actor award. Christoph Waltz for "Inglourious Basterds" is the favorite. With good cause. I really don't see him not winning. We'll see him next in an adaptation of "Water for Elephants."

8:43pm Why does Alec keep using that ridiculous accent?

8:42pm Okay... Steve's Christoph Waltz/Jew joke got a laugh out loud. First of the night. Let's turn it up here guys... pretty please?

8:41pm Is it me or does Alec look like he wants to strangle someone right now? Maybe his agent? Or his writers? Clooney's a likely candidate.

8:39pm And there's the obligatory dumba-- 3-D joke. Let's move on, fellas. There are awards to hand out.

8:36pm ...I love this pair, but some of these jokes are falling flat. Dead on arrival flat. When Steve goes for the "arrow through the head" gag, you know we're in trouble. Meryl Streep/Steve Martin/Alec Baldwin innuendo is not something we needed.

8:35pm "And this is Alec Baldwin." C'mon Steve... shout out "Malice." Alec declared himself to be god in that movie. 16 nominations for Meryl Streep = most losses? That was a nasty burn, Steve. It's going to be like that, eh?

8:34pm Hosts Steve Martin and Alec Baldwin descending from the heavens, holding hands. As it should be.

8:31pm NEIL PATRICK HARRIS IS INTRODUCING THE AWARDS SHOW! WITH A SONG! THIS IS THE BEST OSCARS OPENING EVER!!! If you hadn't heard, Neil was just cast as the live-action lead in the upcoming big screen adaptation of "The Smurfs.

8:30pm I wonder how they picked which nominees would be standing in that onstage lineup.

8:27pm Minutes away! Bring on hosts Steve Martin and Alec Baldwin! The word is that this is supposed to be the biggest Oscar opening yet. They say that every year of course, but we're honoring box office record-breaker "Avatar," so I can see it. Let's start off with some predictions-- who's winning what? Let us know in the comments below or @MTVMoviesBlog on Twitter!

8:16pm The Hollywood Crush fashion live blog is still happening, so check it out now!