Soon stars will descend on the Kodak Theater in Hollywood, all vying for the same 6.75 pound, 13.5 inch tall man: the Oscar. The Academy Awards are one of the biggest nights of the year for movie lovers. Even if you can't be there to walk the red carpet, you can still create a star studded event at your home without spending a fortune.

Set the Stage with Red Carpet

Make sure guests arrive in style—walking the red carpet. Head to BuyCostumes.com to purchase a 15' red carpet runner for just $7.99. It comes with double stick tape for easy attachment. It may not be as plush and wide as the real red carpet, but it will certainly make guests feel welcome. And if you want the arrival to feel even more glamorous, ask neighborhood kids to pose as paparazzi, snapping pictures of guests as they arrive.

Give Guests Hollywood StarsStar

Anybody who's anybody in Hollywood has a star on the walk of fame. The same should hold true at your party! And since peel and stick stars are only $2.25 at WindyCityNovelty.com you can make sure everyone has their own star. Don't be surprised if friends pose for pictures next to their star.

Print Free Academy Awards Ballots

You may not get a real say into whether "The Help" or "Moneyball" takes home the Oscar for Best Picture this year, but making predictions is still fun. Print out free 2011 ballots and cast your votes in 24 categories. Give each guest a copy too to make watching the ceremony even more interactive. You may want to have a prize ready to go for the person who gets the most predictions correct.

Decorate with Gossip Magazines

Check out your local library's recycle bins for old copies of People, Us Weekly or Entertainment Weekly. Another option is asking friends who subscribe to give you outdated issues. Flip through and find snapshots of celebrities that you can cut out. Use these as party decor. Stick them in frames you have around the house or create a celebrity garland by attaching them to a strand of yarn or ribbon for a virtually free way to decorate.

Easy Printable Invitations and More

For $6 you can score access to professionally designed invitations, favor boxes, napkin holders and more for your Academy Awards party. Head to MyGrafico.com to purchase your complete Red Carpet Party set. You'll then have instant access to all of these items so that you can print them yourself.

Splurge on Edible Oscar Statuesoscar statues

Celebrity chef Wolfgang Puck has been known to sprinkle real gold dust on his miniature Oscar statues. Now you can have some of these sweet treats at your party, too. Head to Chocolate Girlie's Etsy page to pick up a pack of 12 for $24. Use these as favors for guests or just as an extra special treat to serve. You could even hand them out to guests as your own set of awards for best dressed or best performance of the evening. Special touches like these will ensure that your Oscar party goes down in Hollywood history.

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