Watch the 2012 Met Costume Institute Gala arrivals online

It's New York's version of the Academy Awards red carpet -- the annual Met Costume Institute Gala. The difference -- stars are dressing to impress designers rather than each other, so expect some out-of-this-world fashion. For the first time, the red carpet arrivals will be streamed live on the Internet starting at 6:30 p.m. ET.

We've embedded the streaming player below. Just come back at 6:30 to sit back and watch the big show.

This year's honorees are designers Muccia Prada (who is a rumored no-show) and the late Elsa Schiaparelli. The work of both designers will be featured in an exhibit on view from May 10 through Aug. 19. Co-chair of the evening's event is actress Carey Mulligan. Other celebrity guests expected include Kate Upton, Jennifer Lopez, Dakota Fanning and Victoria Beckham.

(Above: Katy Perry at the 2010 Costume Institute gala.)