There's very little James Franco can do to surprise us at this point. He's starred in a soap opera, appeared in drag on the cover of a magazine and is even cohosting the Oscars this year.

So when the actor was spotted wearing a blond wig and belting out karaoke onstage the Sundance Film Festival this week celebrating his Three's Company remake, we just had to get the inside scoop.

And lucky for you, E!'s own Ben Lyons is there in Park City, Utah, poised to ask the tough questions. Questions like, a Three's Company remake? Really? So what's the deal?

It's really all about artistic collaboration. "I was talking to this artist that I collaborate with a lot," Franco told us, "and it just kind of came, as a lot of our ideas do...What about Three's Company, the Drama? And it was just kinda like a lightbulb, and we both said 'Yes!'"

"And then...Sundance called in the summer and said 'Do you have any pieces?' And so I kind of put those ideas together and I thought this would be perfect. I mean, especially because you never expect Three's Company to be at Sundance," he said.

In typical Franco fashion, the documentary is far from the only project on his plate this year. Also on the busy thesp's schedule is playing the part of cohost for the 2011 Academy Awards. He's on his way to becoming the busiest man in show business.

Check out the video to hear more about Franco's new project and why he's so excited to be a part of the Academy Awards.

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