Watch the Academy Awards Live Online

***UPDATE: for the 2010 stream see Watch the 2010 Oscars Live online.

The 81st Academy Awards are being presented this evening in Hollywood, and you can watch the full event, including the red carpet and the Oscars ceremony itself live online.

Will Slumdog Millionaire win best picture and best director? Will the comeback kid Mickey Rourke take out best actor? Here’s how to watch:

Justin TV

Official Oscars channel

The Academy is offering an official stream with high quality footage, although it doesn’t seem to be covering the red carpet, instead playing a series called “Road to the Oscars.”

UPDATE: we’re not sure about this stream. Justin.tv is best so far.

Ustream

Ustream has a variety of channels broadcasting the Oscars. Fame is TV is apparently offering unique footage here.

MSM

AP has a feed here.

Fox News here, although it played a weather report for me when I checked it.

We’ll update the post as we find more.