sethmacfarlane-OscarsSeth MacFarlane will take on the always tough task of hosting what could be memorable, even historic, 85th Academy Awards. It could see either the oldest or youngest actress win a Best Actress award, plus who’s betting on Bond thriller “Skyfall” to win something?

The action from the Samuel Goldwyn Theater begins on the red carpet and you can watch it unfold here on live stream starting at 5:30pm today (Feb. 24)!

Among this year’s favorites for best picture are “Argo,” “Lincoln,” “Les Misérables” and “Life of Pi.” “Argo” has to be the front runner with wins at the Golden Globes and Director Guild, Producers Guild and Screen Actors Guild.

“Zero Dark Thirty,” is also among the favorites, but political controversy over it’s portrayal of torture may work against it. The latest, and perhaps best James Bond movie “Skyfall” is a darkhorse for several nominations.

If “Skyfall” wins–it’s nominated in five categories– it will be the first Oscar-winning Bond film since 1965’s “Thunderball,” starring Sean Connery. It won for best visual effects.

Among possible best director candidates are Steven Spielberg for “Lincoln,” Kathryn Bigelow for “Zero Dark Thirty,” and Ang Lee for “Life of Pi.”

Darkhorse possibilities include Tom Hooper for “Les Miserables” and Quentin Tarantino, who got a Golden Globe nomination for for “Django Unchained.”

Emmanuelle Riva, who stars in “Amour” could become the oldest Best Actress winner by nearly six years. She turns 86 on Sunday. And, Quvenzhané Wallis, 12, who starred in “Beasts of the Southern Wild” could become the youngest Best Actress winner.

The current record holder for Best Actress is Jessica Tandy, who won for 1989’s “Driving Miss Daisy.” She was almost 81. The youngest winner is Marlee Matlin for 1985’s “Children of a Lesser God.” She was 21 years and 218 days old.

Jennifer Lawrence would be the second youngest if she won for “Silver Linings Playbook.”

To check out out the live stream broadcast click here or below, and be sure to follow TheImproper on Twitter for all the latest Oscar news.