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Red Carpet

Nothing beats having friends over to watch the Globes, Grammys or Oscars as you ooh and ah over the show's most memorable moments and trade groans over the red carpet wardrobe malfunctions.

Here are a five tips to help bring the glitz and glamour to your livingroom and make sure your viewing bash is like Vanity Fair's legendary Academy Awards afterparty—the invite everyone wants to receive!

First and foremost, make sure your TV and cable connection works—nothing will kill the party buzz faster than a boob tube on the fritz. If your set is on the small side, see if there's a larger TV you can borrow from a friend. And if you have DVR or TiVo, record the show as it's playing so that you can rewind any particularly memorable moments or pause while people take bathroom breaks.

Know your crowd. If you think friends will appreciate the red carpet treatment, send a special themed invite and ask them to dress up for the event. Set up strobe lights as they arrive to mimic the paparazzi and deck out your pad with dim lighting and lots of red velvet for theater-style seating. Then there are some red carpet watchers who simply want to get down to business—for them you'll want to minimize distractions so they can focus on every glitzy ‘n' gaudy moment.

Print out a ballot of the top nomination categories ahead of time and have friends fill it out before the show starts. (Or during the red carpet's commercial breaks if you can tear yourself away from the TV!). Award a fun prize, like a feather boa or faux tiara, to the person who gets the most answers right.

Have enough seating for everyone invited. Sure, some people might drift around but you need to make sure there are enough chairs if they need them. If you come up short, look for inexpensive floor pillows you can scatter around your livingroom to create a casual and comfortable vibe.

Create a signature cocktail for the evening (that has a virgin alternative for anyone who'd like a non-alcoholic version). It's a special touch that also helps you simplify your shopping list. Likewise, set out platters of finger food or offer up an easy meal buffet style so you're not getting up and down all night to serve your guests.

Finally, don't forget to take photos of your friends that night. Then send those pics as next year's invite to remind people how much fun they had!