We're not live blogging the Acadmey Awards, but it seems like everyone else is. Variety is (link on home page) and they have a built in Facebook application on their home page if you wish to interact with other Facebookers watching the Oscars. E! Online has a similar Facebook application running as well.
Our friends at Silicon Alley Insider are also liveblogging with a built-in chat application. And if you're not faint of heart, there's Nikki Finke at Deadline Hollywood Daily. And if none of those are to your liking, try searching Google.
Me, I'm going to watch last Thursday's Burn Notice and last Wednesday's Damages. I'm not an award show guy, and never have been. I lived in LA one year during the Academy Awards and also have been there a couple of other times while the awards were going on. I wasn't into it then either, but it's Hollywood's Super Bowl. It's the one award show that broadcasts live even on the west coast.
That's pretty smart, especially in a a day and age where if they delayed it on the west coast people could just look up who won on the Internet. But the live airing on the west coast will definitely significantly screw up the non time zone adjusted versions of the overnight ratings for tonight. Speaking of ratings (since this is, after all, a ratings site!), here are the historical ratings for the Academy Awards.