9:50 p.m.: Miss USA Olivia Culpo is Miss Universe 2012.
Culpo, 20, is from Cranston, Rhode Island, and plays cello. Her parents are musicians and she and her siblings all learned to play various instruments. She has performed with Yo-Yo Ma. She wants a career in film and television.
First runner up is Miss Philippines Janine Tugonon; second runner is Miss Venezuela Irene Sofia Esser Quintero; third runner up is Miss Australia Renae Ayris and the fourth runner up is Miss Brazil Gabriele Markus.
Before the announcement is made, Rancic thanks the judges for making a life-changing decision for the winner. She also thanks Donald Trump, who owns the pageant.
The national costume contest winner is Miss China. In order are Miss Mexico, Miss Netherlands, Miss Sri Lanka, Miss Brazil, Miss Nicaragua, Miss British Virgin Islands, Miss Panama, Miss Peru and Miss Indonesia.
Miss Universe 2011 Leila Lopes talks about her year and thanks everyone, including her mother.
9:42 p.m.: Timomatic is performing as the Top 5 finalists parade around.
Miss Universe will be announced next.
9:30 p.m.: All eyes are on Miss Universe, says the announcer. OK.
The most difficult part of the competition.
Each one picks a card with the name of a judge. The judge will ask a question.
Miss Venezuela's question is from Diego Boneta. She chooses to answer in English, even though there's an interpreter. Unfortunately, I didn't hear the question.
Miss Philippines choses Nigel Barker, who asks since Miss Universe is an international representative, should English be a prerequisite. Again, I didn't hear the answer.
Miss Australia chose Lisa Vanderpump, who asked to what she would say if she were told to lose weight. She said she feels good about herself and if she's asked to lose weight, she wouldn't because she's OK with how she looks. Good for her.
Miss USA chose Ximena Navarette, who asked if she's done anything she'd never do again. She said every experience is something she's learned from, but the thing she did was pick on her siblings while they were growing up. But she doesn't regret it.
Miss Brazil chose Kerri Walsh who said she wears a swimsuit when she competes. She asked if she feels if she's reduced to being a sexual object because of that. Miss Brazil chooses to use the interpreter and says the way they dress should not matter because it's what inside that shows their true self and character.
Ends with a moment of silence for the tragedy at the Sandy Hook Elementary School in Connecticut.
9:22 p.m.: Another commercial, but this one is for Las Vegas. This one's longer than the others.
The top 5 are Miss Venezuela, Miss Philippines, Miss Australia, Miss USA and Miss Brazil.
9:10 p.m.: Another sponsor commercial within the show.
Rancic has changed into a poofy, glittery ballgown.
Train is performing while all of the contestants parade around in their evening gowns.
Whoops, one of the women nearly ended up in the audience as she stumbled.
Miss Australia, Miss Russia, Miss Brazil, Miss France, Miss Venezuela, Miss USA, Miss Hungary, Miss South Africa, Miss Mexico and Miss Philippines come out in their evening gowns as Jeannie Mai makes comments about the dresses. "Oooh, I love that color."
Another dress, she says she loves the neckline.
"Now this is quite an exotic dress," about Miss Venezuela's dress.
Train lead singer Pat Monahan looks kind of sheepish.
How do you have fun with a dress? Mai says Miss Philippines is having fun with her dress.
OK. Monahan looks a little happier.
Miss Congeniality is Miss Guatemala. Yes, there is a Miss Congeniality in this pageant.
8:55 p.m.: Miss Photogenic Universe is Miss Kosovo.
The Top 10 contestants are Miss Australia, Miss Russia, Miss Brazil, Miss France, Miss Venezuela, Miss USA, Miss Hungary, Miss South Africa, Miss Mexico and Miss Philippines.
Next is the evening gown competition.
Before that competition, each talks a little bit about themselves.
8:40 p.m.: Another sponsor commercial.
OK, so that's how all of the women's hair look so similar -- use Chi products.
Miss Venezuela, Miss Turkey, Miss France, Miss Peru, Miss Russia, Miss Mexico, Miss Poland, Miss Hungary, Miss South Africa, Miss Philippines, Miss Croatia, Miss Brazil, Miss Kosovo, Miss Australia, Miss India and Miss USA compete in swimsuit.
Before they come on stage, all of the contestants in their swimsuits, are in a production number. They're all wearing the same bikinis but in different colors.
The top 16 women wear the same swimsuits as the rest of the contestants, but each wear them in different colors. They start off with a coverup that quickly comes off as they make their way down the runway.
Rancic rattles off trivia about each of the 16 women. Like one of wants to work with poor people, another does charitable work and Miss USA talks about breast cancer awareness.
Next, the Top 10 will be announced.
8:30 p.m.: The judges are announced.
They are Mexican soap opera actor and singer Diego Boneta, Olympian Kerri Walsh, reality "star" Scott Disick, photographer Nigel Barker, stylist Brad Goreski, model Claudia Jordan, baseball player Pablo Sandoval, realtiy star Lisa Vanderpump and Giggy, celebrity chef Masaharu Morimoto and model and Miss Universe 2010 Ximena Navarrete.
Miss Universe 2011 Leila Lopes is announced. She's the first woman from Africa to win the pageant. She's from Angola. Lopes introduced the "costumes" but it was a very short film clip. She said the winner will be announced later.
You can see the "National Costume Show" at http://www.missuniverse.com/
8:16 p.m.: It's product placement time as the sponsors are seen.
The top 16 women are Miss Venezuela, Miss Turkey, Miss France, Miss Peru, Miss Russia, Miss Mexico, Miss Poland, Miss Hungary, Miss South Africa, Miss Philippines, Miss Croatia, Miss Brazil, Miss Kosovo, Miss Australia, Miss India and Miss USA.
Swimsuit is next.
8 p.m.: Live from Planet Hollywood Resort & Casino in Las Vegas, the 2012 Miss Universe Pageant just started.
The women aren't in their fancy costumes from their native countries. Instead, they're in impossibly high heels and very, very short dresses. The dresses all have the same silhouettes, but are in different colors and either have tiny sleeves or spaghetti straps. There's some glitter on every dress.
Whoops, Miss Guam almost fell, but caught herself.
All of the women somehow look alike with the same type of hairstyles. Their hair is either loose and long or in updos.
Hosts Andy Cohen and Guiliana Rancic are announced and we'll see how many times Rancic changes dresses.
Jeannie Mai, someone I've never heard of, is going to be the roving reporter.
Train is the musical guest.