Mainly: A lot of awards to give out and long-winded speeches (although they have tried to cut them shorter in the last few years).
Personally I can't stand the useless tributes, Oscars for "best achievements in surround sound production and editing or something" and musical numbers.
By the way who is the host this year?

Hello, keithold.

I think it is because people in Hollywood love to here themselves talk and they love to be on t.v. That is why they become movie actors, to be in the limelight.

Good question.

People have alot to drink, and the already long thank you speeches they had planned become alot longer because they are half loaded (many of them anyhow is my theory anyhow).

Because, the Red Carpet at the start is now being extended so all the celebrities can flaunt their $100,000 necklaces and bracelets, and their $50,000 dresses; more importantly, advertise their designers so they get recognition. As for the rest, there are many, many categories with awards for the claiming.