The 84th Annual Academy Awards (also known as Oscars) is an absolute worldwide phenomenon. With Hollywood's biggest night drawing near, excited fans can't help wonder how to watch the entire Oscars extravaganza - from red carpet to award ceremony and Governors Ball, online live stream.

High-end technology has enabled watching Oscars live stream online. But most importantly, don't forget that Red Carpet arrivals, that precedes the awards ceremony, begins at 8:30 p.m. ET / 5:30 p.m. PT on Sunday.

Here are some of the best ways to enjoy Oscar Sunday and watch the Oscars live stream online.

• The official Oscars Web site: The site will offer live streaming of the event. • ABC Network: The page contains all kinds of details about the event, which won't let you miss your favorite stars. • iDevice app: If you have any iDevice, including iPad, iPod, or iPhone, you can download the Oscar apps here. And Red Carpet iPhone and iPad apps can also be downloaded here.

E! Live from the Red Carpet: If you are interested in the red carpet arrivals, you can watch through E! • Livestream: The site offers good live coverage of Oscars. • YouTube's Oscar Channel: YouTube is also a good channel to know the latest uptick on exclusive interviews, outtakes and other clips. • Yahoo Movie: The page promises all the details one needs to know to prepare onself for the Oscars Sunday night. • AP Live: The AP livestream page also covers the Oscars event.

Meanwhile, all the fans must be wondering who will take home the coveted golden statues tonight. Among the Academy Awards 2012 nominations are:

Best Picture: The Artist, The Descendants, Extremely Loud & Incredibly Close, The Help, Hugo, Midnight in Paris, Moneyball, The Tree of Life, War Horse Actor in a Leading Role: Demián Bichir, George Clooney, Jean Dujardin, Gary Oldman, Brad Pitt Actress in a Leading Role: Glenn Close, Viola Davis, Rooney Mara, Meryl Streep, Michelle Williams Best Director: The Artist, The Descendants, Hugo, Midnight in Paris, The Tree of Life Animated Feature Film: A Cat in Paris, Chico & Rita, Kung Fu Panda 2, Puss in Boots, Rango Music (Original Score): The Adventures of Tintin (John Williams), The Artist (Ludovic Bource), Hugo (Howard Shore), Tinker Tailor Soldier Spy (Alberto Iglesias), War Horse (John Williams) Visual Effects: Harry Potter and the Deathly Hallows Part 2 (Tim Burke, David Vickery, Greg Butler and John Richardson), Hugo (Rob Legato, Joss Williams, Ben Grossman and Alex Henning), Real Steel (Erik Nash, John Rosengrant, Dan Taylor and Swen Gillberg), Rise of the Planet of the Apes (Joe Letteri, Dan Lemmon, R. Christopher White and Daniel Barrett), Transformers: Dark of the Moon (Scott Farrar, Scott Benza, Matthew Butler and John Frazier) Cinematography: The Artist (Guillaume Schiffman), The Girl with the Dragon Tattoo (Jeff Cronenweth), Hugo (Robert Richardson), The Tree of Life (Emmanuel Lubezki), War Horse (Janusz Kaminski)

Who will win the awards in these categories? Leave your comments below.