The 2014 Academy Awards take place live on ABC at 8:30 p.m. ET. But before you watch a live stream of the Oscars red carpet, check out our preview below.

Even before the Oscars begins, there is plenty of drama surrounding the 2014 Academy Awards red carpet. For starters, an artist named Plastic Jesus created a giant Oscar statue near the location where stars will arrive for the ceremony. But the street artist’s 8-foot statue is shooting heroin as a reminder of the dangerous drug use in Hollywood. However, he later removed the statue after someone from the city threatened to get rid of it.

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“In Hollywood people almost proudly boast that they’re a member of Alcoholics Anonymous,” Plastic Jesus told The Wrap before the Oscars red carpet. “That’s a good thing. However, with hard drug use, there’s still so much of  a stigma attached. It’s swept under the carpet, and people don’t get the support that should be available to them.”

Amy Adams Amy Adams' Antonio Berardi dress was one of the highlights of the SAG Awards red carpet (Photo: Reuters).

Then, there is the issue of the weather at the 2014 Oscars. California was hit by a massive rainstorm on Friday, damaging the red carpet just two days before the Academy Awards. The wet weather is supposed to continue until Sunday morning. So workers spent much of the last few days removing water from the red carpet’s plastic covering. They also must dispose of the water on top of the tents that were set up specifically to keep the stars dry.

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“It has been a challenge, a lot of water in a short amount of time," Joe Lewis, the associate producer of arrivals for the 2014 Oscars, told Reuters. "There is no perfect science to (a) rain plan. It is going to rain, there is going to be water, we have got to protect as best we can."

Cate Blanchett Cate Blanchett is expected to win an Oscar on Sunday night, but will she win on the red carpet, as well? (Photo: Reuters)

You can watch the 2014 Academy Awards red carpet live on E! News at 5:25 p.m. ET. But if you cannot get to a television, you can also catch a free live stream of the Oscars arrivals here via the E! News website. Hosts Catt Sadler and Jesse Giddings will begin the live stream, though there will surely be plenty of screentime for E! mainstays Ryan Seacrest and Giuliana Rancic.

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“Ryan is a tremendous draw for celebrities,” E! president Suzanne Kolb said of the 2014 Oscars red carpet host. “We don't have to do any bending over backward to get them to stop because he's not a reporter they've never met before from an outlet they've never heard of.”

Did you watch a free live online stream of the 2014 Oscars red carpet? Let us know your take on the best and worst Academy Awards outfits in the comments section below!