Party Time in Tinseltown

The party scene on Oscar night is a glamorous affair of baubles, bangles and glittering gowns.

The Vanity Fair party is one the most exclusive events on the party circuit. It's where the biggest stars come to celebrate Hollywood's biggest night.

CBS News national correspondent Hattie Kauffman was there to chat with some stars.

Laughing Renee Zellweger tells Kauffman, "My feet haven't touched the ground."

Zellweger had plenty to celebrate: her Best Supporting Actress for playing a backwoods country-woman in "Cold Mountain."

Zellwegger says, "I'm overwhelmed. I'm overwhelmed it doesn't seem real, that's all."

Matthew Perry says he is looking forward to seeing Bill Murray, who lost the Best Actor Oscar to Sean Penn, "and hug him."

About the partygoers, Jon Voight notes, "It's like they're going on a cruise together, they got to go to all the events and this is the final arena."

Some stars arrive extra early to watch the telecast.

Steve Martin says, "It's actually relaxing and exciting at the same time, being friends and making fun of ourselves."

Rita Wilson notes, "Oscar days are like the high holy days of this business."

About his wife, Hilary Swank, who won an Oscar several years ago, Chad Lowe says, "Ten minutes after we get home, she'll be back in her sweats." Smiling, Swank responds, "No, I look like this all the time!"

At the Governor's Ball, the heavyweights - Johnny Depp, Bill Murray, Sean Penn, Clint Eastwood, Sean Connery, Jamie Lee Curtis and Marcia Gay Harden - got to put the tension of the competition behind them.

Robbins says, "It means relaxing, it's time to relax."

Director Steven Spielberg adds, "Usually at the Governors Ball, everybody is very ebullient and those nominees who didn't win are really good sports and they're racing over to those who did win and it is a love fest in there."

At the New Line party, "The Lord Of The Rings" reigned supreme. The trilogy that took in over a billion dollars at the box office, finally struck Oscar gold - 11 Golden statuettes to be exact.

Cast member Sean Astin says he is especially glad it won for Best Picture because "now for as long as the Kodak Theater stands, and as long as they have those columns that list best picture winners, a film that I'm so proud of will be listed."

So how is Peter Jackson celebrating? "I'm talking to the media and doing interviews," he says. "It's the most wonderful experience in the world. I'm hoping I can start having a drink very shortly."

Elton John always takes the stage at his party, held as a benefit to fight AIDS. He performed with British newcomer Joss Stone.

The post-Oscar parties have become almost as big as the ceremony itself.

At the Vanity Fair party, Cedric the Entertainer quips, "I actually had to go online to find a ticket."

"Sex and The City" actress Kim Cattrall notes, "They have people arriving at different times. You can tell how hot you are by the hour you arrive."

So are these parties a place for the winners to celebrate and for the losers to have tears in their beer?

Chevy Chase says, "You know, people are all friends, we all know each other. It doesn't matter if you win or lose - well, it does matter. But for the most part, at these parties, it doesn't matter whether you win or lose."

In a party mood, Ben Stiller says, "Now it's time to kick up our heels. Now we're going to kick them up."