The countdown to the 2010 Academy Awards is in full swing. With only three days left until the ceremony, there is still much preparing left to be done. While the nominees are practicing their acceptance speeches, Hollywood Boulevard is in the midst of its yearly transformation from a busy, concrete thoroughfare to a glitzy, red carpeted promenade. And while the fates of the beloved, or not so beloved, nominees are hidden away in sealed envelopes, the rest of us are starting to make our own predictions as to who will be taking home the big prize.

Today, the Academy Awards is a worldwide television event, but it hasn’t always been filled with such pomp and circumstance. In fact, the first awards presentation, held in 1929, was a private dinner event with only 270 guests in attendance. It didn’t take long, however, for millions of people to become fascinated with the star-studded event and that little gold statue, Oscar.

While we all eagerly await the results, there’s not much anyone can do but speculate which nominees are coming out on top this year. Each category usually has an obvious winner, but occasionally the Academy slips one past us and awards the Oscar to the underdog. Upsets like these make the night memorable while giving underdogs, everywhere, something to hope for.