Of course, part of the fun of Academy Awards night is trying to read the minds of the voters and make guesses as to whom the winners will ultimately be. Not to toot my own horn, but I’m usually uncommonly good at this, managing to pick correctly the majority of the winners the last few years.

To make it interesting, MovieFreak.com’s webmaster and resident DVD guru is joining me in this little guess-guesser contest. Not that we’re betting anything, think of this more of a friendly wager between friends and colleagues. Granted, the yearlong ability to gloat over my employer would be nice, so here’s hoping my prognosticating skills don’t leave me out in the cold.

BEST PICTURE

The Nominees: “The Lord of the Rings: The Return of the King,” “Lost in Translation,” “Master and Commander: The Far Side of the World,” “Mystic River,” “Seabiscuit”

Will Win (Sara Michelle): “The Lord of the Rings” – Although no fantasy film has ever won this award, I think the Academy is going to honor Jackson and his achievement. You get the feeling they’ve been waiting since the first installment to do so, and although sentiment for this epic appears to be fading, I don’t think anything can derail the crowing of this “King.”

Should Win (Sara Michelle): “Master and Commander” – For me, of all the nominees no single film moved and mattered more than this one. Peter Weir’s stunning epic of naval life and the men who make their country at sea was deceptively simple, yet held more passion, pathos and drama than any other picture last year.

Will Win (Dennis): “The Return of the King” – There is no doubt in my mind about this, but I'm really against this winning. This final entry of the trilogy is by far the slowest and possibly even the longest, yet I think it's the most action-packed. Either way, it's not a best picture for me. Despite great visual effects, some pretty good acting and tense moments, this film will only win the award to honor the trilogy as a whole. There wasn't enough (or lack thereof) emotion in the third film to make me consider it worthy of a best picture trophy. Peter Jackson should be awarded for his efforts instead of this film.

Should Win (Dennis): “Mystic River” - This is a character-driven film all the way. It's emotional, dramatic, suspenseful, powerful, and quite dark. Direction and acting is top of the line, and the screenplay serves both of those accomplishments quite well. I liked “Lost in Translation” a lot, but it's not best picture caliber. I'm kind of contemplating giving the statue to “Master and Commander” also as it is a visually beautiful film with plenty of intense battle sequences and scenes with splendid character interaction, but in the end I'm sticking with Clint's picture as it is more well-rounded.

BEST ACTOR

The Nominees: Johnny Depp (“Pirates of the Caribbean: The Curse of the Black Pearl”), Ben Kingsley (“The House of Sand and Fog”), Jude Law (“Cold Mountain”), Bill Murray (“Lost in Translation”), Sean Penn (“Mystic River”)

Will Win (Sara Michelle): Sean Penn – The scene where he discovers his daughter has been brutally murdered and thrown in a ditch is one of the singularly powerful moments of movie house pain I have ever seen. For that one moment alone, Penn will win. Granted, there is also the little fact this is his fourth nomination and the Academy loves to honor members they think are overdue for recognition.

Should Win (Sara Michelle): Sean Penn – And man is he overdue. That oversight will be remedied this time around, for as good as all the others are, I don’t see any way Penn can lose.

Will Win (Dennis): Bill Murray - His performance is the reason why “Lost in Translation” works so well. He really sells the loneliness, awkwardness, and newfound excitement of the character.

Should Win (Dennis): Bill Murray - As great as Sean Penn is in “Mystic River,” I think Murray deserves this one. Penn might not even show up next weekend. [Correction: He announced he will attend.]

BEST SUPPORTING ACTOR

The Nominees: Alec Baldwin (“The Cooler”), Benicio Del Toro (“21 Grams”), Djimon Hounsou (“In America”), Tim Robbins (“Mystic River”), Ken Watanabe (“The Last Samurai”)

Will Win (Sara Michelle): Tim Robbins – “Mystic River” boasted the best acting ensemble assembled for any motion picture this year, and Robbins is one of the most respected and revered member of the entire bunch. Baring a major surprise, his win is probably the only guarantee the 76th Academy Awards have.

Should Win (Sara Michelle): Ken Watanabe – The Japanese superstar elevated the flawed, ambitious Tom Cruise epic to a level it would have not otherwise achieved. As the laconic last samurai of the title, Watanabe was a stoically tragic figure imbuing his picture with both the heart and the soul the rest of it was sadly lacking.

Will Win (Dennis): Tim Robbins - Aside from Penn's character, the character played by Robbins appears to be the most afflicted and affected by the film's events. He will win and deserves it.

Should Win (Dennis): Ken Watanabe - Possibly the most redeeming factor about “The Last Samurai,” aside from fantastic production values, gorgeous visuals, intense battles, and fine direction by Ed Zwick, is Watanabe's discreet yet commanding performance as the Samurai warrior. He won't win, but of all the other nominees his impact on the film was the best.

BEST ACTRESS

The Nominees: Keisha Castle-Hughes (“Whale Rider”), Diane Keaton (“Something’s Gotta Give”), Samantha Morton (“In America”), Charlize Theron (“Monster”), Naomi Watts (“21 Grams”)

Will Win (Sara Michelle): Charlize Theron – It’s not as much as a shoe-in as many would have you believe but, honestly, with a transformation as startling as hers does anyone really think she’ll lose? Granted, the performance is a brilliant one, and the Academy sure loves it when a beautiful actress deforms herself so thoroughly on-screen.

Should Win (Sara Michelle): Naomi Watts – Theron’s is a stunning performance, but I have trouble honoring her for a movie so incompletely realized. Watts, on the other hand, was every bit Theron’s equal and her film was one of the most audacious and original of the year. While I didn’t particularly love it completely, it was still a singular experience, with the actress searing the celluloid from beginning to end.

Will Win (Dennis): Charlize Theron - Last year Nicole Kidman wore a prosthetic nose in “The Hours,” which got her the statue. This year, Theron takes prosthetics or make-up a few steps further in her portrayal of a serial killer. Her performance is quite stunning, so I think she deserves to win.

Should Win (Dennis): Charlize Theron - Sure, Naomi Watts does a fantastic job as well, without make-up mind you. In fact, her performance is much more emotional and her reactions resonate a lot, yet Theron's performance seems so desperate that it is also more fragile. Samantha Morton brings a lot to “In America,” but the competition is stronger.

BEST SUPPORTING ACTRESS

The Nominees: Shoreh Aghdashloo (“The House of Sand and Fog”), Patricia Clarkson (“Pieces of April”), Marcia Gay Harden (“Mystic River”), Holly Hunter (“Thirteen”), Reneé Zellweger (“Cold Mountain”)

Will Win (Sara Michelle): Reneé Zellweger – She won the award with the breaking of a chicken’s neck. It also helps she’s well liked, given brilliant performances three years in a row in completely divergent films, and ads humor into a picture that sorely needs it. Next to Robbins, this is as close to a lock as you can get.

Should Win (Sara Michelle) Shoreh Aghdashloo – The former Iranian ingénue broke my heart as Ben Kingsley’s tragic wife, diving deep into her own experiences as an expatriate political refugee to craft one of the year’s most heartfelt and moving portrayals.

Will Win (Dennis): Reneé Zellweger - I haven't seen “Cold Mountain,” but I've heard about the things she does in the film. It seems she carries the upper hand in this category, but a surprise upset shouldn't be ruled out.

Should Win (Dennis): Holly Hunter - The only reason why she should win is the completely honest way the actress handles the character and the various situation/confrontations with her out-of-control daughter. Marcia Gay Harden's performance is quite good, too, yet it's not overly urgent. As for Shoreh Aghdashloo, she brings some interesting characteristics to her character especially in the end, but frankly I don't see the big deal about her performance.

BEST DIRECTOR

The Nominees: Fernando Meirelles (“City of God”), Peter Jackson (“The Lord of the Rings: The Return of the King”), Sofia Coppola (“Lost in Translation”), Peter Weir (“Master and Commander: The Far Side of the World”), Clint Eastwood (“Mystic River”)

Will Win (Sara Michelle): Peter Jackson – The Academy will honor him for crafting what may be the greatest motion picture trilogy of all time. Hands down, this is his award to lose.

Should Win (Sara Michelle): Fernando Meirelles – The fact that this “City of God” director is even here is a true testament to how wonderful this year’s nominations truly are. The only thing that would be better is if he won the award. Goodness knows he deserves it, this picture of life living in Brazilian slums one of the most bravura pieces of pure filmmaking I’ve seen in quite some time.

Will Win (Dennis): Peter Jackson - Eastwood already has a statue, and Weir's accomplishments on the Russell Crowe sea epic kind of pales in comparison to Jackson's incredible work on the LOTR trilogy. Jackson deserves this one.

Should Win (Dennis): Peter Jackson - Just wait until next Sunday.

BEST ADAPTED SCREENPLAY

The Nominees: “American Splendor” (Robert Pulcini and Shari Springer Berman), “City of God” (Braulio Mantovani), “The Lord of the Rings: The Return of the King” (Fran Walsh, Philippa Boyens, Peter Jackson), “Mystic River” (Brian Helgeland), “Seabiscuit” (Gary Ross)

Will Win (Sara Michelle): “The Lord of the Rings” – It just feels like a given, doesn’t it?

Should Win (Sara Michelle): “American Splendor” – Only one nomination for this brilliantly original feature? Come on now.

Will Win (Dennis): “Seabiscuit” - How to recognize this surprise favorite of the summer? Well, instead of recognizing the film as best picture the voters might be inclined to acknowledge the script.

Should Win (Dennis): “City of God” - The many layers of this film, such as all the different characters, places, and events, probably wouldn't have been as interesting or effective if it weren't for a very well-written script. It probably deserves to win over the other four, although the script for “American Splendor” is splendor to behold.

BEST ORIGINAL SCREENPLAY

The Nominees: “The Barbarian Invasions” (Denys Arcand), “Dirty Pretty Things” (Steven Knight), “Finding Nemo” (Andrew Stanton, Bob Peterson, David Reynolds), “In America” (Jim Sheridan, Naomi Sheridan, Kirsten Sheridan), “Lost in Translation” (Sofia Coppola)

Will Win (Sara Michelle): “Lost in Translation” – The Coppola tradition lives on as the third generation of the family walks away with Oscar.

Should Win (Sara Michelle): “Dirty Pretty Things” – Inventive, dark and original, Knight’s expertly constructed screenplay was one of 2003’s classiest acts.

Will Win (Dennis): “Lost in Translation” - I have a feeling voters will reward Coppola for her very good film by putting her name inside the envelope. Is it justified? Not completely, since the other nominated scripts are a bit more original.

Should Win (Dennis): “In America” - The film is bright, funny, and sad, plus many other things, and it wouldn't have been as effective if it weren't for the down-to-earth and honest screenplay. I'd really like to see the Sheridan's walk up the stage and take home the statue.

BEST ANIMATED FEATURE

The Nominees: “Brother Bear,” “Finding Nemo,” “The Triplets of Belleville”

Will Win (Sara Michelle): “Finding Nemo” - $330 million and one of the best-selling DVD’s of all time later, nothing can derail the clownfish from swimming away with Oscar gold.

Should Win (Sara Michelle): Between “Nemo” and “Belleville” I don’t care – I liked them both pretty much equally. Just as long as “Brother Bear” doesn’t win, I’ll be happy.

Will Win (Dennis): “Finding Nemo” - Surf turtles, take no prisoners!

Should Win (Dennis): “Finding Nemo” - I laughed... and laughed. Plus the animation is ground-breakingly super-duper! It's a winner.

BEST DOCUMENTARY FEATURE

The Nominees: “Balseros,” “Capturing the Friedmans,” “The Fog of War,” “My Architect,” “The Weather Underground”

Will Win (Sara Michelle): “The Fog of War”

Should Win (Sara Michelle): “Capturing the Friedmans”

Will Win (Dennis): “Capturing the Friedmans” is incredibly involving. It makes some really interesting observations on both sides of the events. Andrew Jarecki's film deserves the statue, yet I can't speak for “The Architect,” which I hear is a powerful story.

Should Win (Dennis): “Capturing the Friedmans,” although “Fog of War” is also a pretty good choice especially because of Robert McNamara as well as the film's ideas/points, intriguing stock footage, and Philip Glass' score, not to mention the fact that the documentary lets viewers in on the truth as much as possible given McNamara's willingness to discuss and reveal certain details.

BEST FOREIGN LANGUAGE FILM

The Nominees: “The Barbarian Invasions” (Canada), “Evil” (Sweden), “The Twilight Samurai” (Japan), “Twin Sisters” (The Netherlands), “Zelary” (Czech Republic)

Will Win (Sara Michelle): “The Barbarian Invasions”

Should Win (Sara Michelle): “The Barbarian Invasions” – As it is the only one of the five I’ve seen, it’s really the only one I can vote for.

Will Win (Dennis): I haven't seen any of them, but I'm guessing “The Barbarian Invasions” since it is the most well-received from what I've heard.

Should Win (Dennis): Therefore, “The Barbarian Invasions”.

BEST CINEMATOGRAPHY

The Nominees: “City Of God” (Ceasar Charlone), “Cold Mountain” (John Seale), “Girl With a Pearl Earring” (Eduardo Serra), “Master and Commander: The Far Side of the World” (Russell Boyd), “Seabiscuit” (John Schwatzman)

Will Win (Sara Michelle): “Seabiscuit”

Should Win (Sara Michelle): “Seabiscuit”

Will Win (Dennis): “Seabiscuit” - John Schwatzman gets a lot of great shots and overall the film is photographed very nicely.

Should Win (Dennis): “Master and Commander” - Incredible photography. Beautiful scenery.

BEST MAKEUP

The Nominees: “The Lord of the Rings: The Return of the King,” “Master and Commander: The Far Side of the World,” “Pirates of the Caribbean: The Curse of the Black Pearl”

Will Win (Sara Michelle): “The Lord of the Rings”

Should Win (Sara Michelle): “Pirates of the Caribbean”

Will Win (Dennis): “The Return of the King” - So many nasty monsters, so much make-up!

Should Win (Dennis): “The Return of the King” - On a side note, where is the worthy make-up in “Master and Commander”?

BEST VISUAL EFFECTS

The Nominees: “The Lord of the Rings: The Return of the King,” “Master and Commander: The Far Side of the World,” “Pirates of the Caribbean: The Curse of the Black Pearl”

Will Win (Sara Michelle): “The Lord of the Rings”

Should Win (Sara Michelle): “Master and Commander”

Will Win (Dennis): “The Return of the King” - The only reason for the win is the outstanding rendering of the effects, the sheer volume of effects shots, and what else is there to explain!?

Should Win (Dennis): “Master and Commander” - Really, the special/visual effects for this film are much more effective and play within the action realistically.

BEST SOUND MIXING

The Nominees: “The Last Samurai,” “The Lord of the Rings: The Return of the King,” “Master and Commander: The Far Side of the World,” “Pirates of the Caribbean: The Curse of the Black Pearl,” “Seabiscuit”

Will Win (Sara Michelle): “Master and Commander”

Should Win (Sara Michelle): “Master and Commander”

Will Win (Dennis): “The Return of the King” - Who can forget the sound of an army of nearly a million soldiers? I can.

Should Win (Dennis): “Master and Commander” - Instead, voters should recognize all the imperative sounds that make this film such an intense auditory experience.

BEST SOUND EDITING

The Nominees: “Finding Nemo,” “Master and Commander” The Far Side of the World,” “Pirates of the Caribbean: The Far Side of the World”

Will Win (Sara Michelle): “Master and Commander”

Should Win (Sara Michelle): “Master and Commander”

Will Win (Dennis): “Master and Commander”

Should Win (Dennis): “Master and Commander”

BEST FILM EDITING

The Nominees: “City of God,” “Cold Mountain,” “The Lord of the Rings: The Return of the King,” “Master and Commander: The Far Side of the World,” “Seabiscuit”

Will Win (Sara Michelle): “The Lord of the Rings”

Should Win (Sara Michelle): “Seabiscuit”

Will Win (Dennis): “The Return of the King” - Despite a terribly long running time and many slow spots, voters will probably go for the favorite.

Should Win (Dennis): “City of God” - Even though the film is at least ten or fifteen minutes too long, the artistic and editorial editing style is significant and serves the film very well.

BEST ORIGINAL SCORE

The Nominees: “Big Fish,” “Cold Mountain,” “Finding Nemo,” “House of Sand and Fog,” “The Lord of the Rings: The Return of the King”

Will Win (Sara Michelle): “The Lord of the Rings”

Should Win (Sara Michelle): “Cold Mountain”

Will Win (Dennis): “The Return of the King” - Hey, Howard Shore is unbeatable right now.

Should Win (Dennis): “Big Fish” - Danny Elfman hits all the right chords, so to speak. However, Philip Glass' score for "The Fog of War" has strangely been overlooked, not to mention he got snubbed last year. However, David Horner's score for “House of Sand and Fog” would be a good choice here also.

BEST ORIGINAL SONG

The Nominees: Belleville Rendez-vous (“The Triplets of Belleville”), Into the West (“The Lord of the Rings: The Return of the King”), A Kiss at the End of the Rainbow (“A Mighty Wind”), The Scarlet Tide (“Cold Mountain”), You Will Be My Ain True Love (“Cold Mountain”)

Will Win (Sara Michelle): Into the West

Should Win (Sara Michelle): A Kiss at the End of the Rainbow

Will Win (Dennis): Into the West

Should Win (Dennis): Into the West

BEST ART DIRECTION

The Nominees: “Girl With a Pearl Earring,” “The Last Samurai,” “The Lord of the Rings: The Return of the King,” “Master and Commander: The Far Side of the World,” “Seabiscuit”

Will Win (Sara Michelle): “The Lord of the Rings”

Should Win (Sara Michelle): “The Lord of the Rings”

Will Win (Dennis): “The Return of the King”

Should Win (Dennis): “The Return of the King”

BEST COSTUME DESIGN

The Nominees: “Girl With a Pearl Earring,” “The Last Samurai,” “The Lord of the Rings: The Return of the King,” “Master and Commander: The Far Side of the World,” “Seabiscuit”

Will Win (Sara Michelle): “The Lord of the Rings”

Should Win (Sara Michelle): “The Last Samurai”

Will Win (Dennis): “The Lord of the Rings” - The costumes and designs look almost the same as those in the previous films. I don't know if that's supposed to indicate anything, but it might.

Should Win (Dennis): “The Last Samurai” - Terrific costumes and design. Hopefully voters have a sense of style!!! If not, Bravo could have at least twenty more seasons of "Queer Eye" on their schedule.

BEST DOCUMENTARY SHORT

The Nominees: “Asylum,” “Chernobyl Heart,” “Ferry Tales”

Will Win (Sara Michelle): “Chernobyl Heart” – Purely a guess (I haven’t seen any of these), but never bet against a documentary showing people dealing with the aftermath of tragedy.

Will Win (Dennis): Maybe “Asylum,” maybe not.

BEST LIVE-ACTION SHORT

The Nominees: “Die Rote Jacke (The Red Jacket),” “Most (The Bridge),” “Squash,” “(A) Torzija,” “Two Soldiers”

Will Win (Sara Michelle): “Two Soldiers” – Like I have a clue?

Will Win (Dennis): “Die Rote Jacke,” because I can at least picture in my head what this short might be about. Then again, “Two Soldiers” seems somewhat revealing also.

BEST ANIMATED SHORT

The Nominees: “Boundin,” “Destino,” “Gone Nutty,” “Harvie Krumpet,” “Nibbles”

Will Win (Sara Michelle): “Destino” – It’s the only one I’ve seen, so your guess is really is good as mine.

Will Win (Dennis): “Harvie Krumpet,” because it sounds funny.