During college, and for a few years after, my gang of friends would rotate on the Oscar Night party. One of the nicest ones I ever hosted had pretty standard food. Wings, dip, Crudités platter, pizza. But what I was really proud of was the experience I created for my guests as they made their way in.
A sweet lady I worked with had four charming kids who were natural actors. She and her kids agreed to dress like the Paparazzi and "swarm" as people came in. I had two old Mamyia Sekor 500 DTL's with old Sears flashes for them and they had a couple of point and shoots. I didn't want to risk my money maker, my Minolta X-700, with the kids, so I used it during the party. I loaded them all Kodak Gold 400. It was really cool to see them ham it up with the questions and the flashes going off. The kids really enjoyed the party and made it special for everyone. If you are doing an Oscar Party I highly suggest it. And, if you can get charming kids all the better!
ETA, as you can tell from the technology, this was a LONG time ago. With digital you can really have a time of it!