But perhaps the most extraordinary bling will enrobe the most unlikely extremity: the foot. Stuart Weitzman is trotting out his third pair of fantasy shoes: 4½-inch stiletto sandals adorned with more than 500 platinum-set Kwiat diamonds, including 55 carats of clear diamonds and one 5-carat stone that's somewhere between the color of amaretto and a pumpkin. The value? $2 million.

"It's a Cinderella story," says Weitzman. His chosen Cinderella: country singer Alison Krauss, a 17-time Grammy winner who recorded the two nominated songs from the Cold Mountain soundtrack.

....Weitzman also has designed his first collection of shoes specifically for the Oscars, 17 styles in such materials as transparent vinyl and dyeable lace (pink is the most prevalent color), many with closed toes and open backs. He's anticipating that two dozen or so actresses will wear his creations, including supporting-actress nominees Patricia Clarkson (in silver, to go with a nude dress) and Shohreh Aghdashloo. [USA Today] Besides Joan and Melissa, E! will offer other voyeuristic, tawdry pleasures for the so-inclined:

Live from the Red Carpet Academy Awards

Your favorite red carpet divas, Joan Rivers and Melissa Rivers, play host to the hottest stars and riff on who's wearing what, who's with whom...and who's with Mom.
Premieres: Feb. 29, 6 p.m. ET/3 p.m. PT

Live Post-Show Academy Awards
Find out what the stars have to say and more importantly, how they party as E! catches up with the winners backstage, in the press room and as they dash to their limos. Then check out the live coverage from the hottest after-parties.
Premieres: Feb. 29, midnight-2 a.m. ET/9-11 p.m. PT

Academy Awards Live Fashion Police
Because we all know it's not about the awards, it's about the outfits! Watch Joan and Melissa Rivers blow the whistle on the evening's best and, yes, worst dressed. Join them live, as they team with fashion expert Leon Hall to offer up incisive insights on the getups chosen by your favorites. It's a must-see.
Premieres: Mon., Mar. 1, 10 p.m. ET/PT