After 28 years together, Metallica is amped for its induction into the Rock and Roll Hall of Fame on Saturday in Cleveland. "It's mind-blowing. It's very, very cool," drummer Lars Ulrich, 45, tells PEOPLE. "We're ready for this and we're psyched."
The legendary hard-rock band – which also includes singer James Hetfield, 45; guitarist Kirk Hammett, 46; and bassist Robert Trujillo, 44 – will join the ranks of only a handful heavy acts when they take the stage this weekend.
"Obviously they've been pretty selective with the harder rock bands that have gained entrance over the years," says Ulrich. "AC/DC, Led Zeppelin, Black Sabbath – so that's very good company to be in."
Adds Hammett: "We're road dogs and road warriors. We've had our ups and down like everyone else, and we've lived a large portion of our lives through his band. To have this induction amidst all that we've been through is very cool."
What to Wear…While Hammett plans to wear a custom-made Ozwald Boateng suit to the event, Ulrich jokes that he's looking for something a little grungier. "I'm going to find an old Metallica T-shirt from 1984 and a pair of jeans I haven't washed in 20 years, just so there's a little bit of balance."
The band is also excited about their new video game, Guitar Hero: Metallica. "I have a 10-year-old and a 7-year-old who have enhanced their musical experiences because of the Guitar Hero games. We've played a lot together. It's something that you share as a family," says Ulrich.
"I need as much help as I can get in the cool-dad department," he added. "Obviously having your own video game is something that at least should help a little bit."
While Red Hot Chili Peppers bassist Flea will induct Metallica at Saturday's 8 p.m. ceremony, which airs live on Fuse TV, Eminem will do the honors for Run-D.M.C. The other 2009 performer inductees include Jeff Beck, Little Anthony & the Imperials, and Bobby Womack.