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I don't know how much of it I'll watch, but since it's on in place of Alias and The Practice, I'll be tuning in for a bit. Here are my predictions (even though I haven't seen many of the movies in question):

• ACTOR IN A LEADING ROLE: Sean Penn - Mystic River (fourth nomination; I think the Academy will finally reward him)
• ACTOR IN A SUPPORTING ROLE: Ken Watanabe - The Last Samurai
• ACTRESS IN A LEADING ROLE: Charlize Theron - Monster
• ACTRESS IN A SUPPORTING ROLE: Marcia Gay Harden - Mystic River (yes, I am biased towards anyone who's had to grow up with the surname "Harden", especially guys)
• ANIMATED FEATURE FILM: Finding Nemo (I love the Pixar movies)
• ART DIRECTION: The Lord Of The Rings: The Return Of The King
• CINEMATOGRAPHY: Seabiscuit
• COSTUME DESIGN: The Lord Of The Rings: The Return Of The King
• DIRECTING: The Lord Of The Rings: The Return Of The King (if Peter Jackson doesn't finally win this, I will be disappointed)
• DOCUMENTARY FEATURE/SHORT SUBJECT: no prediction
• FILM EDITING: Master And Commander: The Far Side Of The World (can't wait to see this on DVD - my dad said it was great)
• FOREIGN LANGUAGE FILM: no predicción
• MAKEUP: Pirates Of The Caribbean: The Curse Of The Black Pearl
• MUSIC (SCORE): The Lord Of The Rings: The Return Of The King (duh, I'd like to see ROTK win all its categories... ;) )
• MUSIC (SONG): "A Kiss At The End Of The Rainbow" - A Mighty Wind (go bizarro Tap!)
• BEST PICTURE: The Lord Of The Rings: The Return Of The King
• SHORT FILM (ANIMATED/LIVE ACTION): no prediction
• SOUND EDITING: Master And Commander: The Far Side Of The World
• SOUND MIXING: The Lord Of The Rings: The Return Of The King
• VISUAL EFFECTS: The Lord Of The Rings: The Return Of The King
• WRITING (ADAPTED/ORIGINAL SCREENPLAY): no prediction

Predictions or just wishes? You be the judge. ;)

The full list of Oscar nominees is here.

GO LOTR!

Update: Wow... LOTR:ROTK has kicked major butt. And Jackson just won Best Directing! Thank you, Academy!