This year experience the 82nd Annual Academy Awards Presentation online. The official site of The Academy of Motion Picture Arts and Sciences which awards the Oscars to those who have achieved excellence in various fields of film during the year can be found here
You can watch the Academy Awards 2010 online and see red carpet live stream video and photos from the 82nd Oscars on Sun. March 7, 2010. Hosted by Steve Martin and Alec Baldwin, the annual ceremony starts at 8:00 p.m. ET live on the U.S. ABC broadcast channel from the Kodak Theater in Hollywood, CA.
ABC will also be streaming live red carpet beginning at the same time. You can watch the ABC Live Web-cast.
The E!Online red carpet live video can be found here
CNN Live will also cover the event.
You can watch it on the iPhone also.
You can become a fan of the Oscars on the Official fan page on facebook.
The Official Oscars YouTube Channel will stream the event live on March 7, 2010 (8 PM ET/5 PM PT),March 8, 2010, 6:30 AM IST.
Here are more options for watching the event. and more resources can be found here.
Some live blogging sites for the event which will be covering the event
The complete list of Nominees for the 82nd Academy Awards can be found here.