Hats, horses and a whole lot of fun - the Kentucky Derby has it all. Rarely is a racetrack transformed into a runway but the Kentucky Derby is an exception to the rule. This is no ordinary runway, of course. Hats, not models, are the main attractions.

The Kentucky Derby will be held on May 5, live from the Churchill Downs. Even the organizers admit that there is more to the year's biggest horse-racing event than sport.

The Derby is not just about horse racing and drinking Mint Juleps. . . In the Clubhouse and Paddock, women of grace and taste sport classy, fashionable styles. In the infield, you will see many homemade hats that are more comical. Or, as Hunter S. Thompson might say, freakish, reads the Kentucky Derby Fashions posting.

The fashion forecast for the Kentucky Derby is looking promising, with timeless classics sure to pack a punch on Saturday.

Polyvore's community of over 15 million unique visitors has been tracking the Kentucky Derby fashion trends. Here are the popular favorites that have stood out:

  • Florals: Nothing says ladylike sweeter than floral prints. For the Kentucky Derby this print will be seen on tea dresses and A-line skirts. Get that Kentucky Derby Southern-Belle style with the ASOS Tea Dress in 40s Floral Print (ASOS.com, $25.45) or the Buffalo David Bitton Skirt Floral Print Maxi Skirt (Macy's, $57.99).
  • Coral-colored accessories: Coral-colored accessories are a must-have for summer. The Kentucky Derby is the place to break out the warm weather wear. Match coral with white, yellow, green, gray or brown for a stunning combination. The Kate Spade New York Gold Coast Maryanne Shoulder Bag is the prettiest sort of arm candy (endless.com, $478). If you want an edgier look, Alexander McQueen's Large Enamel Skull Bangle will add that bit of grit (Bergdorf Goodman, $295).
  • Mint green hues: Mint was one of the hottest shades on the Spring 2012 runways back in September. Ocean-inspired looks were shown at Chanel, Versace and more. Designers took note of the rich blue-green color that works with almost any skin tone and hair color. If you are bold and want to go with monochromatic mint, like the Rachel Roy Drape Back Dress (shopbop.com, $468), pair it with silver jewelry for coolness and rose gold to spice things up. If you want to flaunt the look more subtly so, go for a mint skirt or a pair of earrings.
  • Heels and hats: Heels and hats are essential for the Kentucky Derby. A kitten heel will keep the ladylike factor at a high, but is kept sexy in modern styles. Try Diane von Furstenberg's Alice d'Orsay Kitten-Heel Pump (Neiman Marcus, $278). Hats are particular to the Kentucky Derby but can still be pulled off at a fancy brunch or on Mother's Day. The Scala White Organza Layered Ruffle Hat (bluefly.com, $32.30) is a chic topper that does not go over the top.

If you plan on hosting a Kentucky Derby viewing party, there are some recipes that you must try for your guests to keep with Southern tradition.

Mint julep is the cocktail of choice at Churchill Downs which is a mixture of mint leaves and bourbon whiskey. You can also can't go wrong with a three-step SoCo cooler or a Kentucky Cousin

For some Southern comfort with a kick try these Jalapeno Cheddar Cornbreads. Here are also some three dip recipes from Peels. Read more tips for the perfect Kentucky Derby viewing party at BND.com.

Check out the following slideshow of the most popular Kentucky Derby fashions to come this year along with purchasing information for all items, courtesy of the Polyvore community.