The other Oscar competition: looking your best on the red carpet

It's so ironic that the Oscar statuette is naked when fashion is obviously the most important element of the Academy Awards. When Julia Roberts wins best actress for playing Julia Roberts it becomes all too clear that fashion is the only thing worth staying up for on a Sunday night. Whether you're sitting in your room eating hint of lime Tostitos or sipping Apple-tinis at Sir Elton John's Oscar Bash, keeping track of who's wearing what is a game everyone likes to play.

Staring all night at people more attractive than yourself, the least you can do is make fun of their red carpet attire. If you have an army of stylists dressing and waxing you to perfection and still can't get it right, you deserve to be mocked. One false move and you're agent may never call you again. But if you have that perfect combination of class and sass, you'll be elevated to superstar status. So in honor of this Sunday's events, we offer our fashion forecast as to what the stars should be wearing.

And the nominees are...

Despite Johnny Depp's tantalizing good looks, his past fashion choices have left something to be desired. If he intends to wear another mismatched suit combo and smarmy fedora, we'd rather see him with missing teeth, eye liner, and braids ... la Jack Sparrow. On the other hand, Jude Law is classic red carpet hotness. A glimpse of his tailored tux and faux-hawk hairstyle is worth enduring almost all of Joan River's pre-show.

When it comes to the ladies, Golden-Age Hollywood glamour is hard to beat. This is why Catherine Zeta-Jones's mix of refined elegance and downright sexiness is always right on target.

The only poor choice she's made is to accessorize her look with an ancient Michael Douglas, come on honey he's so like 80 seasons ago.

Charlize. What can you say about a woman who's given so much to fashion? Let's face it, she could make a pair of enormous, bright red Christian Dior monkey fur snow boots look good -- and that's damn hard. Theron may have played a murderous prostitute in her Oscar-nominated portrayal in Monster, but her excellent taste in color and cut save her from committing any first degree fashion crimes.

Between playing a consumption-ridden courtesan, a sexually frustrated author, and a devoted southern belle, Nicole Kidman's gorgeous gams have strutted down many a red carpet. Ever poised and graceful, Kidman likes to accent her look with several million dollars worth of jewels. Look for her signature chandelier earrings that accentuate her delicate features and elegant neckline.

This year the Academy welcomes back Annie Hall, who somehow managed to convince 1970s fashionistas that ridiculous oversized men's wear was a worthwhile look. Here's hoping Diane Keaton doesn't taint the evening with another chaotic ensemble. Just say no to pant suits. Apparently, Ms. Keaton is not aware that only Angelina Jolie is allowed to wear pantsuits to the Oscars.

"Bridget Jones -- Wanton Sex Goddess" Renee Zellwegger is another starlet who lights up the Academy's overly long ode to itself with fashion forward attire. Packing on an additional 30 pounds for her second film as the romantically hapless 30-something, Zellwegger does best sticking to the classic 1950s styles that accentuate curves while creating an appealing hour glass shape. While her porcelain complexion is highlighted by the striking red dresses of past awards shows, we would like to see Zellweger in variations of pink or coral tones that would make her stand out from the oceans of black and blah while keeping her look young and stylish.

While most of these celebrities are veterans of the Oscar extravaganza, a few newer stars will most likely find their way to the Kodak Theater this Sunday as well to get into the Academy excitement. To the next generation of Hollywood divas and heartthrobs like Scarlett Johansson and Elijah Wood here is some advice. Wear what you feel comfortable in. You are most likely going to be seeing pictures of you in that dress or suit for the rest of your life so make sure it is something that you absolutely love to wear. When you don't like an outfit, or have no faith your taste, even the casual fashion watcher can see straight through you. Confidence is the ultimate accessory.

As we breathlessly await the 76th Annual Academy Awards show, we're keeping our eyes open for all the good, bad, and just plain ugly of Hollywood attire. So Sunday night, make plans to sit back, relax, and enjoy the parade of fashion triumphs and faux pas as our favorite celebrities saunter down the red carpet at the most important style event of the year.