Welcome to OscarFrenzy’s live blog of the show. Stay tuned as we offer our insights and comments on the show and track our predictions. Two minutes to go…

Well, so far we’re not sure what’s the point of the whole two host thing. Here’s a last minute thought. Sandra Bullock won and accepted the Razzie for Best Actress. Did she just jinx herself for the Oscar?

Thinking about Best Picture. We are looking at the most competitive race in years. Despite the preferential ballot, if Avatar wins enough first place votes, it still may be enough to overcome The Hurt Locker’s overall strong support. We should know something from some of the earlier awards of the evening, such as sound, editing, and cinematography.

8:45: Christoph Waltz just won for Best Supporting Actor. Yea! Well deserved. This was the lock of the night. Oscar Frenzy is 1 for 1.

9:00: As expected, Up takes down the prize for Best Animated Feature. This was an easy call, since Up was the only one of the nominees nominated for Best Picture. Oscar Frenzy is now 2 for 2.

9:03: Well, so far so good, Oscar Frenzy is 3 for 3. Again, this was sort of an obvious one, since music was so central to Crazy Heart. If Jeff Bridges triumphs later, that will be two wins for the film.

9:15: The Hurt Locker wins for Original Screenplay! We should have known. The WGA went for The Hurt Locker and the WGA is usually right. Inglorious Basterds was already honored by Christoph Waltz winning Supporting Actor. Academy voters might have thought that was enough. Oscar Frenzy is 3 for 4.

9:32: We have our first surprise of the evening. Logorama wins the Best Animated Short film. A Matter of Loaf and Death was the favorite going in. This category is always unpredictable. Oscar Frenzy is 3 for 5.

9:35: We’re on a downturn. That’s three wrong in a row. Music by Prudence takes documentary short subject. Oscar Frenzy is now 3 for 6. We always seem to have trouble with the short film categories.

9:39: Yikes! Another miss. The New Tenants win for Live Action Short film. This was a popular choice, since there were quite a few stars in that movie. The Door and Kavi were also in contention. This category is historically unpredictable, and we were wrong once again this year. Oscar Frenzy is 3 for 7.

9:41: Yes! Star Trek wins for makeup. That pretty much saved our night. Star Trek was favored for its showier makeup, but The Young Victoria was close behind. Period pieces often do well in this category. Oscar Frenzy is now 4 for 8.

9:50: Precious takes down Best Adapted Screenplay! This is by far the biggest upset of the night. Most experts thought that Up in the Air was a lock. This likely means that Up in the Air will go home empty handed without any awards, which is really unfair for such a terrific and insightful film. Oscar Frenzy is now 4 for 9. Darn.

10:00: As expected, Mo’Nique wins Best Supporting Actress. She has been giving very emotional, powerful speeches throughout awards season and here’s yet another one. That was some ovation she received. People really love her. Oscar Frenzy got that right, so we are now 5 for 10. Average at least.

10:07: Avatar takes art direction! This is not a surprise at all. Avatar is expected to take most of the technical awards, especially anything that is remotely visual. This is actually the first award of the night for Avatar. That is one for The Hurt Locker and one for Avatar. Oscar Frenzy is now 6 for 11. Coming back.

10:10: The Young Victoria wins Best Costume Design. This category always goes to royalty. Past winners include Marie Antoinette, Elizabeth: The Golden Age, and The Duchess. Wow, what kind of speech was that? That wasn’t exactly very gracious. Meanwhile, that is three in a row for us. Oscar Frenzy is now 7 for 12.

10:25: This really could be The Hurt Locker’s night. The Hurt Locker just took down Best Sound Editing. Avatar was favored in this category. We probably should have known, since war movies tend to do well in this category. Oscar Frenzy is now 7 for 13.

10:27: Another win for The Hurt Locker! It captures Sound Mixing too, making it a sweep of the sound categories. This could be a precursor for Best Picture, as Slumdog Millionaire won this category last year. That is three awards and counting now for The Hurt Locker. This was a slight upset, and Oscar Frenzy did get it correct. We are now 8 for 14. Not good, but not terrible.

10:35: Avatar takes down Best Cinematography! This was a very, very close one. It looks like The Hurt Locker steamroll temporarily comes to a halt. Once again, the art direction and cinematography awards go to the same film. Oscar Frenzy is proud to nail this one. We are now 9 for 15.

10:39: Very moving tribute to those who passed away.

10:49: This is a fantastic sequence featuring the original score nominees. Reminds us of when they had Yo Yo Ma and Yitzchak Perlman performing in 2001.

10:52: Up wins Best Original Score! This was expected. The first ten minutes of that film really showcased the amazing score. Up won most of the precursor awards. This is the first Oscar for Michael Giacchino, who also composed the score for Star Trek this year. Oscar Frenzy is now 10 for 16.

10:55: In the easiest call of the night, Avatar wins visual effects! What a shocker! Just kidding. You could have bet the house on this category. Oscar Frenzy is doing great now, and is 11 for 17. Hopefully we can keep it up. That’s three for Avatar and three for The Hurt Locker.

11:02: Best Documentary Feature goes to The Cove! The Cove had won most of the precursor awards, so this is not a surprise. Food, Inc. had a chance, but it apparently was not good enough. Oscar Frenzy is now 12 for 18. We have now gotten five awards correct in a row. Let’s keep it up! Only six more awards to go.

11:08: The Hurt Locker wins Editing, in one of the tightest races of the evening. Avatar definitely deserves mention here. It’s not easy to make an almost three hour movie taut and exciting. Now it looks like James Cameron will not take the podium tonight, unless there’s a big upset. Oscar Frenzy’s streak is now 6 in a row. We are 13 out of 19.

11:19: Yes!!! In another huge upset, the Argentinian film El Secreto de Sus Ojos wins for Best Foreign Language Film. It beat out The White Ribbon and Un Prophete, which were more critically acclaimed. This follows in the footsteps of Departures, which was a surprise winner last year for Japan. Oscar Frenzy is most proud of predicting this category. That makes for seven in row. We are now 14 out of 20.

11:32: Way to go Jeff Bridges! This is well, well deserved. He’s getting a standing ovation. A long, long one. In a role reminiscent of Mickey Rourke from last year, Bridges hits the jackpot. He is very beloved within the acting branch. This is the second award of the night for Crazy Heart. Oscar Frenzy notches its eighth consecutive correct prediction. We are now 15 out of 20.

11:40: These lengthy tributes to the leading actor and actress nominees are interesting, but the sacrifice is that there are no more honorary Oscars and lifetime achievement awards presented. Personally, we feel that those special awards were some of the best parts of previous Oscar shows.

11:47: Sandra beats Queen Meryl! Wow, we were totally on the edge of our seats. Meryl Streep is such an amazing actress and she narrowly lost last year to Kate Winslet. But this was totally Sandra’s year. She’s paid her dues and this is her reward for all those great roles throughout her career. It’s just mind-blowing that she won the Razzie and the Oscar in the same weekend. What a great acceptance speech, she’s tearing up. This is her moment, and she’s making the most of it. Congratulations to Sandra!

11:55: History is made! Kathryn Bigelow wins Best Director! She beats her ex-husband James Cameron. It took a lot to helm The Hurt Locker and make it so gripping and suspenseful. This has been said many times, but it really is hard to imagine that The Hurt Locker would be directed by a woman.

11:59: And there it is, The Hurt Locker is the 2010 Best Picture of the year. They swept all the critics’ awards and won the BAFTA, PGA, and DGA. It only makes sense that it would win Best Picture. Can you imagine it? A film that made only $12 million at the box office beat a film that made more than $700 million. It is really a wonderful story. Oscar Frenzy had a very successful Oscar night, picking 18 out of 24 categories correct, including picking upsets in the sound and foreign language film categories.

Well, thanks to everyone for tuning in for Oscar night and for a very memorable awards season. Congratulations to all the winners and please tune in tomorrow for our 2011 Oscar Predictions!