(ABC) - The red carpet is out and the countdown is on to Hollywood's biggest night: the 86th Annual Academy Awards!
"I am absolutely living the dream," says Bradley Cooper, nominee for Best Supporting Actor.
"I'm excited more than anything," says Cate Blanchett, nominee for Best Actress.
Gravity and American Hustle lead the pack with 10 Oscar nominations each, followed by 12 Years a Slave with nine nods. They are among the nine films total nominated for Best Picture, including:Captain Phillips, Dallas Buyers Club, Her, Nebraska, Philomena, and The Wolf of Wall Street.
"I would probably give the edge to '12 Years A Slave,' but you can't look past 'Gravity' because it's so incredibly popular," says ABC News Radio Entertainment Correspondent David Blaustein.
Comedian Ellen DeGeneres is returning as Oscar host for a second time.
"A lot of people have been asking me what I'll be wearing." she says. "The question is -- what will I not be wearing, right?"
"She's always funny, but she doesn't take cheap shots at actors," says ABC News Entertainment Editor Lesley Messer of DeGeneres.
And the show's producers are promising some surprises this year:
"Maybe there will even be some dancing...who knows!?" teases Neil Meron.
This time lapse shows the mad dash to get Hollywood ready, as there are some highly-anticipated fashion choices on the Oscar red carpet, with celebrity chef Wolfgang Puck preparing 50 dishes for the Governor's Ball after the ceremony.
"I want a little comfort food, and they can have something more modern or something more exciting," says Puck. "It's really a royal feast!"