Decide which shows you want to watch. The bigger ones include the Oscars (Academy Awards), Golden Globes, Grammys, Emmys and the American Music Awards (AMAs). Some of the less popular awards shows are the Tonys, SAG (Screen Actors Guild), Country Music, Independent Spirit, Guild and Critics Awards.
Plan ahead to make sure you know when all your chosen awards will be on TV. Check your local listings for the exact date, time and channel these shows will be on. Generally, the major shows are on as follows: Golden Globes in January, Oscars in February/March, Grammys in February, Emmys in September and AMAs in November.
Know the details about the nominees in at least the major categories. Watch entertainment shows such as "Access Hollywood" or "Extra", look online and read magazines such as "People." Do more research on anyone you haven't heard of so you know who to root for.
Watch any movies by renting of going to the theater if they (or the people in them) are up for nomination and you have not seen them. Listen to any CDs by getting them from the library, buying them or borrowing from a friend if there are songs being nominated for an award that you have not heard. Catch any TV shows that you have missed if they are up for nomination or actors and actresses from that show are nominated.
Schedule your night so that you can spend the evening watching your awards show. Watch the pre-shows when available and then the actual awards. Plan on a late night--most shows run later than they are scheduled for.
Have food and drinks ready and invite any friends over that may want to watch with you. Or get your phone out if you have a friend or family member you want to call about who is wearing what and who wins what award. Call during the commercials unless the other person is OK with you calling during the show. Enjoy the show and get ready for the next awards show to come.