Sure, you could watch the Oscars with the bulk of the twitterverse, but you'd be much better served watching this classic Doctor Who instead. They did a nice job putting together a special for The Aztecs last month, so I'm very much looking forward to his edition and the presentation of The Tomb of the Cybermen. This is a great opportunity to not watch Seth McFarlane try to wring a few laughs out of Ted which, if it were going to happen, would have at least once during the entire feature film devoted it. Watching black-and-white, scientifically-dodgy-but-oh-so-charming British TV that's even older than me will not only give you far more to laugh with and occasionally at (and I mean the dialogue, not just the special effects), it will prepare you for full-on geekgasm later this year when we get the 50th anniversary special.
Besides, following a few clever tweeters and watching their feeds out the corner of your eye will give you all you need to know about the Oscars, without actually enduring it.