Oscar nominated for his role in "Moneyball," Jonah Hill wears a little black tux to the Academy Awards.

He's becoming a really big star again.

Oscar nominee George Clooney arrives to the Academy Awards with his gorgeous former wrestler girlfriend Stacy Keibler.

Whether he wins or loses, he's taking home a statue.

For some reason, former "Caroline in the City" star Lea Thompson was one of the first to arrive at the Oscars today.

Perhaps she is getting an honorary Academy Award for her stellar work in "Howard the Duck."

Whatever the reason, it's some kind of wonderful.

With the 84th Annual Academy Awards just hours away, take a mystical trip back in time and check out the good, the bad and the ugly from last year's fashion fiascoes!

**Be sure to check back this afternoon to see all of this year's Oscars action!**

Sacha Baron Cohen is comparing the Oscars to a power hungry tyrant ... pointing out how the Academy has stripped him of his right to free speech ... just like his dictator alter-ego would do. Oh, the hypocrisy!

SBC released a new video statement -- while in character as General Aladeen from his new movie "The Dictator" ... in which he says, "I am OUTRAGED at being banned from The Oscars by the  Academy Of Motion Pictures Arts and Zionists.”

He adds, "While I applaud the academy for taking away my right to free speech ... I warn you that if you do not lift your sanctions and give me my tickets back by 12 PM on Sunday, you will face unimaginable consequences!"

Cohen also takes a shot at Hilary Swank ... presumably because she attended a birthday party for an alleged war criminal.

In case you haven't heard -- the Academy reportedly BANNED Cohen from attending the awards because it got word that he would arrive dressed as General Aladeen ... and officials felt the stunt would take away from the prestige of the event.

Billy Crystal just announced ... he's replacing Eddie Murphy as the host for next year's Oscars show.

The legendary Academy Awards host tweeted just minutes ago -- "Am doing the Oscars so the young woman in the pharmacy will stop asking my name when I pick up my prescriptions. Looking forward to the show."

As we previously reported, Murphy backed out from hosting the show yesterday -- after his friend Brett Ratner resigned from producing it ... following uproar over a homophobic slur Ratner dropped at a film screening.

This will be Crystal's 9th time hosting the Oscars.

There's nothing like a good Italian meal to bring friends together --  per esempio, Brian Grazer and Brett Ratner.

Grazer is replacing Ratner as producer of the 2012 Oscars ... after Ratner resigned in the wake of criticism over a homophobic remark he made at a recent screening.

The two dined at Giorgio Baldi in Santa Monica and clearly wanted to show the paparazzi ... no hard feelings.

Brian Grazer -- who produced "Apollo 13" and "A Beautiful Mind" -- has taken Brett Ratner's place to produce next year's Academy Awards show.

Brian signed on moments ago, agreeing to replace Ratner just one day after the "Rush Hour" director resigned .... following uproar over a homophobic slur Ratner dropped at a film screening.

Academy prez Tom Sherak announced Grazer's appointment this afternoon.

Interestingly, Grazer is listed as a producer on "Tower Heist" -- a film directed by Brett Ratner and starring Eddie Murphy, who resigned as the Oscars host just hours ago.

Eddie Murphy is showing the ultimate solidarity with good friend and producing partner Brett Ratner by quitting the 2012 Oscars, which he had agreed to host.

Ratner bailed -- though he may have had no choice -- after making a homophobic remark last week at a screening of "Tower Heist," which stars Murphy.

Murphy says he wanted to do the show and never says squarely he's bailing because Ratner is gone, but his statement leaves little doubt:  "I was looking forward to being part of the show that our production team and writers were just starting to develop, but I'm sure the new production team and host will do an equally great job."

Looks like the Motion Pictures Academy does better with old people -- they're generally a lot safer.

Brett Ratner claims he's officially "resigned" as producer of the 2012 Academy Awards ... after dropping the homophobic F-bomb at a media event Sunday night.

Ratner -- best known for directing the "Rush Hour" movies -- was at a fan Q&A session for "Tower Heist" Sunday when he told the crowd, "Rehearsal is for f*gs."

Now, he's penned an open letter ... apologizing for the "hurtful and stupid things I've said" ... and adding, "Having love in your heart doesn’t count for much if what comes out of your mouth is ugly and bigoted."

Ratner continued, "Being asked to help put on the Oscar show was the proudest moment of my career. But as painful as this may be for me, it would be worse if my association with the show were to be a distraction from the Academy and the high ideals it represents."

Ratner says he's been in contact with GLAAD -- the Gay and Lesbian Alliance Against Defamation -- and he promises he will work to "increase awareness of the important and troubling issues this episode has raised."

"I deeply regret my actions and I am determined to learn from this experience."

Tom Sherak -- the President of the Academy of Motion Picture Arts and Sciences -- issued a statement saying, "[Brett] did the right thing for the Academy and for himself."

He added, "Words have meaning, and they have consequences. Brett is a good person, but his comments were unacceptable. We all hope this will be an opportunity to raise awareness about the harm that is caused by reckless and insensitive remarks, regardless of the intent."

Diddy claims he "backslid and regressed" when he shouted racial and homophobic slurs at a clubgoer in Atlanta this weekend ... and now the rap mogul is begging for forgiveness.

Diddy went to his Twitter page a few hours ago ... and issued an apology to his fans for the way he acted inside Compound nightclub Saturday night ... when he threw ice at a clubgoer, threatened to fight the guy ... and then called him a "n**ga" and a "f**got."

Diddy explained, "I'm sorry for the ignorant way I repesented [SIC] myself ... I have backslid and regressed. Forgive me for my ignorance. Pray for me pls. I know better and I am better."

He added, "I have a responibility [SIC] that I promise I will live up to. And I'm more dissapointed [SIC] in myself than you know. I will humble myself and learn."

TMZ spoke to the man on the receiving end of the slurs, Ricky Parker, who tells us he felt "humiliated and disrespected" by Diddy ... and claims he will no longer support the hip hop icon.

Parker tells us he couldn't believe that Diddy would attack him so ferociously, simply because he was drinking Grey Goose vodka that night and NOT Ciroc vodka, which Diddy serves as a spokesperson for.

Parker tells us, "You won't ever hear me support him from this moment forward."