Given out by Tom Hanks and Helen Mirren (an odd coupling if ever I've heard one)
Best Adapted Screenplay
Okay, I finally understand why Borat is considered an adapted screenplay. It's because the characters already existed... Seriously, that has bothered me. But, now I know.
I really like how they're reading the stage directions, characters and letting the movie run for a line or two.
And the Oscar goes to William Monahan for the Departed... I got this one right, but I had a slim hope that Borat would have won. Winner sounds a bit drunk (or, actually on the Valium he alluded to). And, he's getting played off.