VIDEO: Watch Alec Baldwin's Oscar host audition!

Alec Baldwin will host the Oscars with Steve Martin, it's just been officially announced. 

We are not surprised. Baldwin recently hosted the Elle Women in Hollywood awards and was absolutely hilarious. 

And guess who was in the audience? Oscar co-producer Adam Shankman.

And when Carol Burnett suggested in front of the audience that Baldwin host the upcoming Oscars, Shankman just smiled. 

Was this an audition or a warm-up? You decide

And here's the (better quality) Elle video of Alec's priceless speech.

Watch more of Baldwin's Oscar-hosting audition.

Watch the official Elle video of this amazing red carpet event

And here's the (better quality) Elle video of Alec's priceless speech.

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Videos: Elizabeth Snead