It's an unusually grey day in sunny Los Angeles, but that isn't affecting Hollywood's biggest stars -- they're shining bright as could be as they make their way down the red carpet ahead of the 79th annual Academy Awards show. Penelope Cruz, a best actress nominee for Volver, said she was proud to be there. Cruz says she's nervous to be the first woman from Spain nominated as best actress. That isn't stopping her from talking about the film though, she says she's so proud of this movie and can't hear enough about it. "... you can never say it's too much good news with this movie. I love this movie, this movie has given me a lot of great surprises from day one. The moment I read it I couldn't believe he was giving me this material and this amazing character." Dame Helen Mirren, whose gown was adorned with antique lace, told reporters she wasn't quite sure if Queen Elizabeth II has actually seen the film, but she reckons she'll hear about it through the grapevine. Mirren posed with fellow best actress nominee Kate Winslet, in a Grecian-influenced single-shouldered Valentine mint green gown and chunky diamond earrings. Winslet is nominated for her role in Little Children. Abigail Breslin, the star of the indie hit "Little Miss Sunshine," which is nominated for best picture, looked cute in a floral adorned gown as she posed for the cameras before heading into the Kodak Theatre. Forest Whitaker, favourite to take home the best actor prize for The Last King of Scotland, didn't look a bit nervous as he basked in the energy of the moment. Getting into this role he says, was an incredible endeavour. "When you first go you start to try to pull it all together and you get the feeling of what it's like to be in Uganda and it gave me a different sense of self." Beyonce, star of Dreamgirls looked dazzling in a jewel encrusted gown. Despite buzz around the film's release that there was jealousy between her and Oscar nominated costar Jennifer Hudson, the songstress turned actress says she is thrilled for her castmates and wishes them the best. Nicole Kidman, Meryl Streep, Cate Blanchett and Martin Scorsese are among the early arrivals at the Kodak Theatre in Hollywood, where the televised ceremony will be watched by millions around the world. Hollywood experts said many of this year's Oscar races were wide open, particularly for the coveted award for best film. Comedy "Little Miss Sunshine" and cultural drama "Babel" were two leading picks for best film, but crime thriller "The Departed," British royals saga "The Queen" and World War II tale "Letters From Iwo Jima" were not far behind. The Oscars are given out annually by the Academy of Motion Picture Arts and Sciences. This year's 3-hour show will be hosted by popular comedian Ellen DeGeneres. Cruz and Cameron Diaz were among the stars wearing flowing strapless or off-the-shoulder gowns despite the unusually chilly temperatures. Martin Scorsese is expected to win the best director for "The Departed," and if so, it would be his first Oscar for an individual film after seven previous nominations. The sentiment around town was that it was "Marty's turn." In the acting categories, only Helen Mirren was regarded as a shoo-in for best actress for her regal work as Queen Elizabeth II in "The Queen." The best actor category was expected to boil down to a race between Forest Whitaker as the brutal dictator Idi Amin in "The Last King of Scotland" and veteran Peter O'Toole as an elderly man in love with a young woman in "Venus." Alan Arkin of "Sunshine" is picked to give Murphy a run for his money, and Adriana Barraza in "Babel" and Abigail Breslin from "Sunshine" are given a shot at supporting actress. Jennifer Lopez in a lovely gown with a multi-tiered jewel sweeping neckline said she loves to attend the awards ceremony. What's the best part? Picking out the clothes.