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LIGHTS, CAMERA, ACTION

"It's sexy time tonight," joked presenter Sandra Bullock, who traded mom-wear for a glamorous Marchesa gown. "I'm having such a good time."

THAT WINNING FEELING

Best Supporting Actress winner Octavia Spencer's emotional evening began in a laid-back fashion: Earlier that day, "I stayed in bed and watched Animal Planet!"

BOTTOMS UP!

"I'm terrified but determined to have fun," said presenter Rose Byrne, who downed vodka shots onstage with Bridesmaids costar Melissa McCarthy.

BILLY'S BIG NIGHT

"I thought it went good," the Armani-clad host said about the show. The audience agreed. "I loved Crystal," raved nominee Gary Oldman. "It played great in the room."

TAKING THE GOLD

Backstage, Meryl Streep said she would celebrate by having a couple of whiskies-a favorite drink of Margaret Thatcher's. "And then we'll see if I can walk in the Ferragamos!"

READY TO (AFTER) PARTY

Gwyneth Paltrow chatted with co-presenter Robert Downey Jr. Later, after snapping a pic with Steve Martin and Martin Short, she tweeted, "Dude. Seriously. I love my life."

LADY IN LAVENDER

Penélope Cruz, who caught up with old friends like Antonio Banderas during commercial breaks, attended solo as husband Javier Bardem was filming.

PARTNERS IN CRIME

After prepping for their moment as copresenters, Cameron Diaz and Jennifer Lopez giggled onstage in the dark as nominees were announced.

MR. & MRS. SMITH: THE SEQUEL?

Angelina Jolie (with Brad Pitt and Oscar producer Brian Grazer) revealed she might work again soon with her favorite Best Actor nominee: Pitt. "We are talking about it and we have an idea," she said.