I think I've only gotten together with friends to watch the Oscars once or twice. Freakin' Sunday night, lame.
As it is, the Oscars always reminds me of being a kid, watching the show with family. It was one of very few TV events where we brought our dinner into the living room. I think the only other shows we did that for each year were the Miss America/Miss Universe pageants. My family was pretty strict on the family dinner table standard.
I still love parking myself in front of the TV for a three hour event, though now with TiVo, things are much more flexible. And to think - never again will we yell "IT'S ON" at someone in the bathroom.