After The Oscars, Into The Wee Hours

Anyone lucky enough to be on the Oscar circuit will confirm that the Academy Awards are just the beginning.

Once they roll up the red carpet at the Shrine Auditorium, the parties roll out all over town and they don't stop until the night is long gone.

The Early Show dispatched national correspondent Hattie Kauffman to do some party hopping with Hollywood's finest. She found that everyone was feeling good and wanted to party, whether or not they took home an Oscar.

"It's Cinderella time, but tomorrow I'm going to turn back into a pumpkin," said Felicity Huffman, who was nominated but did not take home the best actress award for "Transamerica."

Madonna was making the scene and had no complaints about the outcome of the awards. "I love Reese Witherspoon, I love Rachel Weisz and I love Philip Seymour Hoffman and it was great," she said.

Hoffman, of course, had a lot to celebrate, after walking away with the best actor award for "Capote." "I had won a bunch of the awards leading up to this so I knew there was a good chance but you never really know until it actually happens," he told Kauffman.

Cuba Gooding Jr., who won in 1997 for "Jerry Maguire," knows a thing or two about these after-Oscar affairs. "You don't remember anything that happens here because your mind is on the outer limits of the atmosphere," he said.

At the Governors Ball, Weisz was ready to hit the dance floor, though her head was still in the clouds after winning best supporting actress for "The Constant Gardener." "It's almost out of body," she told Kauffman. "I couldn't believe that Morgan Freeman said my name. I haven't really touched the earth yet so I can't say anything sensible."

Other partiers, like Jessica Alba, were dealing with wardrobe malfunctions. "I have to go change for the other parties because everyone's stepping on my dress," she said.

Elton John's party was one of the hottest tickets in town, as a celebration of movies and music. Kauffman reported that the party was packed and the entrance line extended for blocks. The party was full of familiar faces such as tabloid queens Paris Hilton and Lindsay Lohan, who turned philosophical about the challenges of movie stardom.

"You're on set and it's strenuous days and you put your heart into it to take on someone else's life and everyone who won deserved what they won," she said.

For the new and old Hollywood guard, the parties are a popular way for old friends to catch up. "It's basically like old home week. You get to hang out with your buddies," said John Travolta.

Though for Jon Voight, stepping out on the dance floor was something of an unwelcome reality check. "I don't dance as good as I thought I did," he told Kauffman. "I'm terrible. I thought I was so hot."