Image Credit: Michael Caulfield/ It took an hour but the first joke about Charlie Sheen was finally told during tonight’s Oscar’s telecast. After a musical number by a spiffed-up Anne Hathaway, co-host James Franco came on stage in drag. “You got to wear a tuxedo so I wore this,” said Franco, clad in a very tight-fitting strapless gown with a platinum blonde wig. “The weird thing is I just got a text message from Charlie Sheen.”

The crowd roared in response.