If the past few weeks of award shows haven't whipped you into an excited frenzy, then prepare for the season's premier event - the 2012 Academy Awards. Hollywood's biggest night, the Oscars will once again attract the film industry's most acclaimed actors, actresses, directors, producers, musicians and behind-the-scenes wizards (we're looking at you sound editing and costume design) to honor the best films of the past year.

Planning an elaborate Oscar viewing party for your close family and friends can be an exciting way to celebrate the evening from the comfort of your living room. With some festive decorations, unique gifts and creative party games, you'll have no problem keeping occupied during those less-than-eventful stretches of the nearly three-hour broadcast (once again, looking at you sound editing and costume design). By the night's end, your guests will be thanking you for their thoughtful keepsakes and talking about plans for next year's party.

Party Décor
With all the stars and starlets walking down the red carpet in their fashionable evening wear, you should try to recreate this level of luxury at your party as best you can. While chances are that nobody will show up in a $5,000 dress from a world-renown French designer, you can class up the atmosphere a bit with a makeshift red carpet bordered by glitzy gold stars, confetti, glitter, party streamers and flashing lights to recreate the paparazzi's cameras.

Snacks
There are a couple of directions you can go with your party's appetizers and snacks. If you're looking for a more glamorous occasion, consider placing out fancy hors d'oeuvres like black caviar, fine cheeses, deviled eggs finger sandwiches, cut vegetables and fruit platters. You can also create a party atmosphere closer to a movie theater with classic snacks like boxes of candy, buttery popcorn, slushies and soda. Of course, you'll want to include some delicious cocktails and bottles of champagne or wine to keep your guests' spirits high throughout the occasion.

Party Games
No Oscar viewing party is complete without fun games to get your guests into the action. As your friends and family arrive, pass out sheets of paper with the night's biggest award categories listed - Best Supporting Actor/Actress, Best Actor/Actress in a Leading Role, Best Director and Best Picture among others - and have guests predict who they think will win. The person with the most correct guesses can win a prize. You may also want to play some Oscar bingo in which each person has a card with possible events that will occur such as an acceptance speech running too long or an award winner crying on stage.