Dress for the Oscars. Wear tuxes and evening gowns with rhinestone necklaces. Announce guests over a microphone as they arrive. Provide appetizers and both alcoholic and nonalcoholic beverages. Pass out pens and ballots listing all the nominees and have everyone vote on who they think is going to win before the ceremony starts.
Tally results after the ceremony ends.
Present a fake plastic Oscar to the person who got the most right. Encourage the winner to make an acceptance speech. If you don't have the time or inclination to make a mix tape, buy a CD of famous movie tunes. Make sure you have low lighting arranged for the ceremony - dark enough to watch the show, but not so dark that people can't easily get up to get a drink or go to the bathroom. As a responsible party host, see to it that your guests return home safely.