Even in a place as posh as Tinseltown, there’s nothing quite like Oscar night — celebs come out in their finest designer fashions, the cameras are constantly flashing, and the after-parties go on until dawn — so it’s the perfect opportunity to host your own swanky affair. Try some of these ideas and your friends just might give you the award for Best Oscar Party!

Setting the Mood

Even if your friends aren’t movie stars, you can still roll out the red carpet for them!

• Let your guests know they’re in for an evening of Hollywood glam by sending invitations printed on shimmery paper, or include confetti in the envelope. If you prefer e-mail, Evite has an Oscar party themed invitation.

• Arrange your furniture to ensure that everyone will have a good view of the screen. Decorate your walls with movie posters. You can purchase them online, but theaters and video rental stores often give them away for free. For an extra glitzy touch, hang gold stars from the ceiling and sprinkle confetti around the snacks table.

• Play paparazzo as your guests arrive. You can even make your own red carpet using a long piece of red felt or vinyl — unroll it along an indoor hallway or along the walkway to your door. If you snap your shots with a digital camera or a Polaroid, everyone will have instant souvenirs of their glamorous evening.

A Celebrity Menu

After the awards show is over, the stars head to the chichi Governors Ball, where master chef Wolfgang Puck prepares the lavish spread. You can go fancy with a four-course meal, or simple and fun with concession stand style snacks.

Fancy Eats:

Pan-Seared Salmon — Brush with a little olive oil, salt and pepper and sear it in a hot sauté pan. Let the fish finish baking in the oven while you make the rest of the meal.

Mashed Potatoes — Add some minced garlic and finely chopped chives for a little extra flavor.

Spinach Salad with Feta, Apples and Walnuts — Drizzle with a red wine vinaigrette and sprinkle with extra chopped walnuts.

Oscar's Chocolate Box with Chocolate Mousse — a special recipe from the celeb chef himself, available here.

Concession Stand Treats:

Popcorn — Serve it lightly salted with butter, or make it extra special by mixing in cheddar cheese powder or gooey caramel and peanuts.

Hotdogs — Let your guests make their own masterpiece with ketchup, mustard, relish, onions, and sauerkraut.

Nachos — Melt cheddar cheese on corn chips, and serve with salsa and sour cream.

Chocolate Chip Cookie Ice Cream Sandwiches — Take two chocolate chip cookies and a dollop of vanilla or chocolate ice cream, what could be easier?

And the Winner is...

While the actors and actresses are collecting their statuettes, your guests can also be competing for prizes.

•Start the night by giving everyone a ballot with the nominees for each category and allow people to make their picks (click here for a printable ballot). You can give prizes for most correct answers, or for answering correctly in specific categories.

•To keep yourselves entertained during the commercials (or during the technical achievement presentations) make an Oscar trivia game with questions about past Oscar winners. For a twist, include famous one-liners and have people try to name the movies they are from.

•If you can't find any gold statuettes, try giving movie-related prizes such as tickets, or movie rental coupons, jumbo candy bars, packets of microwave popcorn, entertainment magazines, or movie posters. You could even give a loser’s prize for the fewest correct guesses, like a DVD of a really crummy movie.

Whether you try all of these ideas, or just a few — remember, the key to throwing a great party is to relax and have a great time!