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    James Franco Wears Blonde Wig, Sings Naughty Song for Sundance Three's Way

    James Franco Sonia Recchia/Getty Images

    If James Franco is planning on singing with Anne Hathaway when they cohosts the Oscars next month, let's just hope the 127 Hours star does not—I repeat, does not—do what he was doing last night here at the Sundance Film Festival.

    What was Mr. Kooky up to? Read on for the all the details...

    PHOTOS: Check out Marc's Twitpics from the Three's Company party

    Franco celebrated his Three's Company: The Drama with a '70s theme party inside the Playboy Lounge. The place was actually decked out to look like Jack, Chrissy and Janet's favorite wateringhole, The Regal Beagle.

    Franco walked into the bash as the iconic Three's Company's theme song (you know, "Come and knock on our door/ We've been waiting for you…) was blasting on the speakers. While he wasn't anywhere near full drag mode, Franco was wearing a long platinum blonde wig and a knitted winter cap.

    Nothing too too crazy, right? But then Franco started to sing. He and a friend (wearing a matching wig, by the way) warbled out some tune that appeared to have a chorus along the lines of, "You're just a f--k, you hot mess."

    The invite-only crowd cheered them on with applause, whistles and screams. Some partygoers also put on wigs along with polyester pieces and terry-cloth '70s shirts from a nearby clothing rack.

    Guests at the soiree (hosted by SocialShopper.com) included Eliza Dushku, her boyfriend Rick Fox and Dushku's brother Nate. (You may remember the story I broke during last year's Sundance about Eliza and Nate developing a biopic about controversial art photographer Robert Mapplethorpe, who died of AIDS in 1989. They're still working hard on getting the film made.)

    Franco's Three's Company short is a reenactment of one the series' episodes performed by the actor and his friends.

    Also at the party was Richard Kline, most famous for playingready for this?Larry on the hit sitcom, which ran from 1977 to 1984.

    Other highlights from the festival:

    Janelle Monáe performed last night at Bing Bar after Liv Tyler and Patrick Wilson were there for a cocktail reception for the movie The Ledge, while Hugh Dancy toasted Martha May Marlene at the Docker's and Levi's House. Paul Giamatti and Amy Ryan were over at The Distillery along with Ed Helms and Anne Heche celebrating the premiere of Win Win.

    Earlier in the day, One Republic frontman Ryan Tedder and actor Danny Glover picked up Wellensteyn jackets at the Swagg gifting suite at the Samsung Galaxy Tab Lift.

    Today, I'll be talking to one of my favorite Top Chef contestants, Michael Voltaggio, while he prepares breakfast and lunch at Food & Wine's Stella Artois Café. Also on the agenda? Meeting up with Lake Bell and then Avatar beauty Zoe Saldana and Elizabeth Banks at a screening of New NonFiction and Tides Loads of Hope's short documentary, Espwa, A Story of Hope in Haiti.

    And that's not all from Park City, Utah. Keeping come back right here for all the snow-filled scoop.

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