Alec Baldwin and Steve Martin host this year's Oscars

While young men and women may think otherwise, many argue that as they get older, they just get better.

It may be difficult to believe for some, but there's at least one octogenarian almost everyone desires, especially in Hollywood. The luster of Tinseltown's true Golden Boy hasn't been tarnished in more than 80 years, and film stars itching to get their hands on him are all set to line the red carpet.

Hollywood's biggest stars converge at the Kodak Theatre for "The 82nd Annual Academy Awards," airing Sunday, March 7, on ABC. Also known as the Oscars, in reference to the iconic statuette, the awards represent the very best film achievements of the year.

Traditionally, the ceremony has been helmed by a single host, but this year things will be different. In February, it was announced that two-time Oscar host Steve Martin will join rookie (in hosting terms, anyway) Alec Baldwin as co-host.

Bill Mechanic and Adam Shankman, producers of this year's Academy Awards telecast, explained why Baldwin and Martin were the perfect pair for such an endeavor.

"Steve will bring the experience of having hosted the show in the past and Alec will be a completely fresh personality for this event."

Martin quickly got the ball rolling with some comedy when he announced: "I am happy to co-host the Oscars with my enemy, Alec Baldwin." The two play romantic rivals in 2009's "It's Complicated."

A comedy legend, the multitalented performer hosted both the 73rd and 75th Academy Awards ceremonies, the first of which earned him an Emmy nod.

Alec Baldwin and Steve Martin get ready to host the Oscars

He has risen through the ranks of the entertainment industry, from his early days as a standup comedian, actor and frequent fixture on "Saturday Night Live," to his appearances on the big screen in such films as "Planes, Trains & Automobiles" (1987) and "The Pink Panther" (2006).

Baldwin may not have the same kind of awards show experience as Martin, but the actor is at the top of his game. He currently stars as Jack Donaghy in the hit comedy "30 Rock" alongside Tina Fey, a role that has earned him two Emmys (2008 and 2009).

And he isn't exactly a stranger to the Oscar stage, having appeared as a presenter on the telecast in the past. Also, his supporting role in "The Cooler" earned him a nomination in 2003.

Together, Martin and Baldwin will have to navigate the tension in the room as anxious actors, writers, directors and more await their big moments.

In the end, it isn't really about who's hosting so much as who wins, and sometimes who doesn't.

The ceremony's triumphs and upsets have been the subject of post-Oscar water-cooler talk for decades, and this year isn't likely to be any different. The nominee list offers a real mixed bag for film fans to debate.

Heartthrobs George Clooney ("Up in the Air") and Colin Firth ("A Single Man") are up against Jeff Bridges ("Crazy Heart"), Morgan Freeman ("Invictus") and Jeremy Renner ("The Hurt Locker") for best actor.

Meanwhile, leading ladies Sandra Bullock ("The Blind Side"), Helen Mirren ("The Last Station"), Carey Mulligan ("An Education") and Gabourey Sidibe ("Precious: Based on the Novel 'Push' by Sapphire") must be wondering whether they stand any chance against 16-time Oscar nominee Meryl Streep ("Julie & Julia").

In the directing category, Canadian-born directors James Cameron ("Avatar") and Jason Reitman ("Up in the Air") face stiff competition from Kathryn Bigelow ("The Hurt Locker"), Quentin Tarantino ("Inglorious Basterds") and Lee Daniels ("Precious: Based on the Novel 'Push' by Sapphire").

Randy Newman doubled his chances by snagging two nominations in the original-song category. "Almost There" and "Down in New Orleans," both from Disney's "The Princess and the Frog," are in the running for the award. The other nominees are Reinhardt Wagner and Frank Thomas's "Loin de Paname" from "Paris 36," Maury Yeston's "Take it All" from "Nine," and Ryan Bingham and T Bone Burnett's "The Weary Kind (Theme from Crazy Heart)" from "Crazy Heart."

Of course, the award everyone tunes in for is motion picture of the year, and this time around there are plenty to choose from. In a move the producers hope will give the ceremony a more populist appeal, this year the category features 10 nominees instead of the usual five. They are "Avatar," "The Blind Side," "District 9," "An Education," "The Hurt Locker," "Inglorious Basterds," "Precious: Based on the Novel 'Push' by Sapphire," "A Serious Man," "Up," and "Up in the Air."

Along with the 19 other categories, Academy members faced a lot of tough decisions. Members of the Academy of Motion Picture Arts and Sciences cast votes to determine the winners of the golden statues, with actors nominating actors, directors nominating directors, and so on. All are invited to vote for best picture.

Boasting about 6,000 members chosen from the cream of the film industry's crop, it's a pretty exclusive club, but fans can take heart. They may not be able to be there in the literal sense, but the Internet is providing a virtual backstage pass to this year's big event.

Oscar may be an octogenarian, but he's up on today's technology. Oscar.com features extensive online content before, during and after the ceremony.

Prior to the telecast, fans can access all kinds of info about the nominees, including bios, clips and film synopses.

On Oscar night, viewers can access an interactive game to test their prediction skills with Oscars Play Along. The game promises immediate leader-board updates and opinion polls. Backstage and press-room cams invite viewers behind the scenes, and a "Thank You Cam" allows winners to thank their supporters. That's new this year as the producers have reportedly requested that winners refrain from simply offering a "laundry list" of thank yous as their acceptance speech.